Systems and methods for providing a marketplace of goods subject to distressed financial obligations

• US 8,751,351 B1
• Filed: 06/11/2009
• Issued: 06/10/2014
• Est. Priority Date: 06/11/2009
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Smith, Arthur Quentin, Billman, Bradly Jay
• Primary Examiner(s): OJIAKU, CHIKAODINAKA
• Application Number:
  US12/482,547
• Time in Patent Office: 1,825 Days
• Field of Search: 705/35, 705/38, 701/35, 235/494, 455/426
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Systems and methods for a financial institution to compile information regarding customer loans and items/assets securing the loans to create an environment in which troubled debtors may place an asset into a pool of assets for resale/exchange and to be released of obligations to repay the loan associated with the asset. In some implementations, a customer may replace the asset with another asset in the pool, where the replacement asset imposes a reduced (or no) obligation on the debtor. The pool of assets may include real estate, automobiles, major electronics, major appliances, artwork, etc. In some implementations, the financial services provider may be able to place an asset into the pool of goods before it becomes damaged, destroyed or goes missing by modeling customer behavior and anticipating a pending default on a loan.

Claims

1. A system for providing an asset exchange marketplace, the system comprising:

a processor; and

a memory communicatively coupled with the processor, the system configured to;

receive information about an asset from a first customer of a financial institution, wherein the financial institution has financed the asset for the first customer and the asset is listed in a listing database that includes a pool of assets, wherein each asset in the pool of assets is subject to one of a plurality loans from the financial institution, wherein the pool of assets is listed in the listing database by the financial institution;

list the asset in the listing database that is indexed;

evaluate a condition of the asset to determine a value of the asset;

exchange, for the first customer, the asset with a replacement asset listed in the listing database prior to a sale of the asset from the listing database;

indicate that the first customer is released from a financial obligation of one of the plurality of loan agreements when the value of the asset is determined to be above a threshold provided by the financial institution; and

provide a rental option to the first customer to retain physical possession of the asset until a replacement asset is provided to the first customer from the pool of assets or the asset is automatically sold a second customer of the financial institution based upon a parameter of the asset that is entered into a buyer preference database by the second customer and the financial institution finances the asset for the second customer.

2. The system of claim 1, wherein the system is further configured to provide a transaction portal to make the asset available to others, wherein the transaction portal receives a request from a purchaser to search a listing database of the assets, and wherein the transaction portal returns results of the request to the purchaser.

3. The system of claim 1, wherein the exchange of the asset with a replacement asset listed in the listing database places a reduced financial obligation on the debtor than the financial obligation associated with the asset.

4. The system of claim 3, wherein the subsystem is further configured to obtain a title to the asset;

and at least one subsystem that passes title to the purchaser.

5. The system of claim 3, wherein the system is further configured to determine terms and conditions for a subsequent loan for the replacement asset;

and at least one subsystem that provides a subsequent loan to the debtor.

6. A system for releasing a financial obligation through an exchange of an asset subject to the financial obligation, comprising:

a processor; and

a memory communicatively coupled with the processor, the system configured to;

determine an amount of the financial obligation of a first customer to a financial services provider for the asset, wherein the financial services provider has financed the asset for the first customer;

evaluate a condition of the asset to determine a value of the asset;

exchange, for the first customer, the asset with a replacement asset listed in the listing database prior to a sale of the asset from the listing database;

release the first customer of the financial obligation if the value is greater than the financial obligation as determined by the financial services provider;

place the asset into an exchange pool of assets to make the asset available for purchase by a second customer of the financial services provider, wherein the exchange pool of assets is maintained by the financial services provider and each asset in the exchange pool of assets are subject to at least one of a plurality of loan agreements financed by the financial services provider; and

provide a rental option to the first customer to retain physical possession of the asset until a replacement asset is provided to the first customer from the exchange pool of assets or the asset is automatically sold to a second customer of the financial services provider based upon a parameter of the asset that is entered into a buyer preference database by the second customer, the replacement asset having a reduced financial obligation as compared to the asset and the financial service provider finances the asset for the second customer.

7. The system of claim 6, wherein the system is further configured to provide a transaction portal to make the asset available to others, wherein the transaction portal receives a request from a purchaser to search a listing database of the assets, and wherein the transaction portal returns results of the request to the purchaser.

8. The system of claim 7, wherein the system is further configured to obtain a title to the asset;

and pass the title to the purchaser of the asset.

9. The system of claim 7, wherein the buyer preference database queries listings of assets made available through the transaction portal to determine at least one likely match for the purchaser.

10. The system of claim 6, wherein the financial services provider holds title to the asset.

11. The system of claim 10, wherein the asset is purchased by a purchaser who is a customer of the financial services provider, and wherein the financial services provider provides financing to the purchaser of the asset.