Integrated electronic credit application, contracting and securitization system and method
First Claim
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1. An integrated electronic credit application, contracting and securitization system comprising:
- a network device for receiving a credit application from an applicant utilizing at least one remote application input and display device at a dealer location;
a processor configured for selectively forwarding said credit application to a plurality of funding sources and for receiving a funding decision from the plurality of funding sources;
a server for providing an electronic contract between at least said applicant and a selected one of said plurality of funding sources using at least some information from said credit application; and
a hosted vault for storing, retrieving and maintaining the integrity of said electronic contract by digitally signing, encrypting and programmatically embedding an approval token in said electronic contract, thereby providing irrevocable proof of the authenticity of said electronic contract,wherein the approval token comprises audit information and other data related to the applicant.
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Abstract
The present invention is an integrated electronic credit application, contracting, and securitization system and method. In one embodiment, the present invention comprises the following integrated components: a Credit Application Module, an eContracting Module and an eDocument Storage Module. Together the components enable “paper-lese” commercial transactions.
98 Citations
66 Claims
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1. An integrated electronic credit application, contracting and securitization system comprising:
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a network device for receiving a credit application from an applicant utilizing at least one remote application input and display device at a dealer location; a processor configured for selectively forwarding said credit application to a plurality of funding sources and for receiving a funding decision from the plurality of funding sources; a server for providing an electronic contract between at least said applicant and a selected one of said plurality of funding sources using at least some information from said credit application; and a hosted vault for storing, retrieving and maintaining the integrity of said electronic contract by digitally signing, encrypting and programmatically embedding an approval token in said electronic contract, thereby providing irrevocable proof of the authenticity of said electronic contract, wherein the approval token comprises audit information and other data related to the applicant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A method in an integrated electronic credit application, contracting and securitization system, comprising the steps of:
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receiving a credit application from an applicant utilizing at least one remote application input and display device at a dealer location; selectively forwarding said credit application to a plurality of funding sources utilizing a transmitting apparatus; receiving a funding decision from the plurality of funding sources using a receiving apparatus; providing an electronic contract between at least said applicant and a selected one of said plurality of funding sources using a processor configured to process at least some information from said credit application; and
;storing, retrieving and maintaining the integrity of said electronic contract using a storage medium by digitally signing, encrypting and programmatically embedding an approval token in said electronic contract, thereby providing irrevocable proof of the authenticity of said electronic contract, wherein the approval token comprises audit information and other data related to the applicant. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44)
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45. A program storage device readable by a machine, tangibly embodying a program of instructions executable by the machine to perform method steps for electronic credit application processing, contracting and securitizing, said method steps comprising:
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receiving credit application information of an applicant; selectively forwarding said credit application to one or more funding sources for approval to provide an approved credit application; processing electronic contract information and at least some of said application information from said approved credit application to provide an electronic contract between at least said applicant and a selected one of said funding sources; and
;storing and retrieving said electronic contract and maintaining the integrity of said at least some of said application information contained therein by digitally signing, encrypting and programmatically embedding an approval token in said electronic contract, thereby providing irrevocable proof of the authenticity of said electronic contract, wherein the approval token comprises audit information and other data related to the applicant. - View Dependent Claims (46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66)
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Specification