Military installment loan and educational services system
First Claim
1. A system for facilitating the purchase of an affordable, financed product by end-user individuals in a closed group comprising the steps of:
- providing and maintaining an approved network of suppliers of the product that are certified in criteria to meet the needs of the end-user individuals in the group;
educating the individual in personal finances and budgeting principles as a prerequisite for approval to purchase the product;
establishing a working relationship with the closed group;
providing and maintaining a source of financing through an installment loan program from an approved network of financial institutions; and
managing the loan program in conjunction with the representation from the system, whereby the individual is assured of obtaining the system guidance and service availability needed for good value in the purchase of the financed product.
3 Assignments
0 Petitions
Accused Products
Abstract
A system or method is disclosed for facilitating the purchase of a product, including a vehicle, to be financed for an end-user individual, such as a member of the military. An approved network of suppliers is provided and maintained including certification in criteria to meet the needs of the individual. Each individual is educated in personal finances and related principles as a prerequisite for approval to purchase the product through the system. A working liaison relationship is established with the military. The system provides representation that assists in obtaining the financing through an installment loan program from an approved member of a financial institution network. Other features of the system/method include a purchase application, a loan disclosure video, verifying the employment and projection of income, assisting in the selection of the vehicle, personal as well as on-line instruction and supplier training and monitoring. As another enhancement, an onsite facility is provided. A limitation of eligibility as to the vehicle selection is provided by limiting the installment loan payment to approximately 30% of income. The individual is assisted in establishing good credit history, purchasing of insurance, reliable servicing of the loan and exit counseling upon leaving the military. Supplier performance assurances are required to meet after-sale requirements of the system.
27 Citations
14 Claims
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1. A system for facilitating the purchase of an affordable, financed product by end-user individuals in a closed group comprising the steps of:
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providing and maintaining an approved network of suppliers of the product that are certified in criteria to meet the needs of the end-user individuals in the group;
educating the individual in personal finances and budgeting principles as a prerequisite for approval to purchase the product;
establishing a working relationship with the closed group;
providing and maintaining a source of financing through an installment loan program from an approved network of financial institutions; and
managing the loan program in conjunction with the representation from the system, whereby the individual is assured of obtaining the system guidance and service availability needed for good value in the purchase of the financed product. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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Specification