System and method of processing asset financing transactions

• US 20070011083A1
• Filed: 07/08/2005
• Published: 01/11/2007
• Est. Priority Date: 07/08/2005
• Status: Abandoned Application

• Current Assignee: Curomax Corp. (Cox Enterprises Incorporated)
• Original Assignee: Curomax Corp. (Cox Enterprises Incorporated)
• Inventors: Collins, Michael, Reynolds, Desmond, Smith, Kreig, Bird, Alan
• Application Number:
  US11/178,040
• Publication Number:
  US 20070011083A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A computer system processes asset financing transactions. An applicant provides loan information related to financing of an asset. A single lender is selected to receive a loan package based on the loan information and knowledge and prior experience attributed to the single lender. A plurality of data entry screens are configured to requirements of the single lender. The loan information is entered into fields of the data entry screens. The loan information is validated upon entry. The loan package from the loan information is compiled for submission to the single lender. The loan package may be pre-approved by the dealer prior to submission to the single lender. The system further provides for status request of loan applications based on search criteria, requesting credit reports of applicant, and electronic messaging with the single lender.

Claims

1. A computer implemented method of processing asset financing transactions, comprising:

providing for selection of a single financial institution to receive a financing package;

providing a plurality of data entry screens configured to requirements of the single financial institution for entry of financing information; and

compiling the financing package from the financing information for submission to the single financial institution.

2. The computer implemented method of claim 1, wherein the asset financing transaction is a loan or lease.

3. The computer implemented method of claim 1, further including providing for pre-approval of the financing package prior to submission to the single financial institution.

4. The computer implemented method of claim 1, wherein the single financial institution is selected based on the financing information and knowledge and prior experience attributed to the single financial institution.

5. The computer implemented method of claim 1, wherein one of the plurality of data entry screens is configurable to accommodate multiple forms of collateral.

6. The computer implemented method of claim 1, further including validating the financing information entered into at least one field of the plurality of data entry screens based on the requirements of the single financial institution.

7. The computer implemented method of claim 1, further including electronically transmitting the financing package to the single financial institution.

8. The computer implemented method of claim 1, further including:

providing for request of status of financing applications based on search criteria; and

providing a status list of the financing applications.

9. The computer implemented method of claim 1, further including:

providing for request of a credit report of an applicant;

receiving the credit report of the applicant; and

populating at least one field of the plurality of data entry screens with applicant information from the credit report.

10. The computer implemented method of claim 1, further including:

sending an electronic message to the single financial institution; and

receiving an electronic message from the single financial institution.

11. The computer implemented method of claim 1, further including providing a forum for communication with the single financial institution.

12. A method of processing asset financing transactions through a dealer, comprising:

providing for selection of a single lender to receive a financing package;

providing a data entry screen for entering financing information into fields of the data entry screen;

compiling the financing package from the financing information entered into the fields of the data entry screen; and

providing for pre-approval of the loan package prior to submission to the single lender.

13. The method of claim 12, wherein the data entry screen is configurable to receive multiple types of collateral information.

14. The method of claim 12, wherein the data entry screen is configurable to receive loan financing information based on requirements of the single lender.

15. The method of claim 12, further including:

providing for request of status of financing applications based on search criteria; and

providing a status list of the financing applications.

16. The method of claim 12, further including:

providing for request of a credit report of an applicant;

receiving the credit report of the applicant; and

populating at least one field of the data entry screen with applicant information from the credit report.

17. The method of claim 12, further including:

sending an electronic message to the single lender; and

receiving an electronic message from the single lender.

18. The method of claim 12, further including providing a forum for communication with the single lender.

19. A method of processing asset financing transactions, comprising:

providing a process for receiving financing information related to financing of an asset;

providing for selection of a single financial institution to receive a financing package compiled from the financing information; and

transmitting the financing package to the single financial institution.

20. The method of claim 19, further including providing for pre-approval of the financial institution package prior to submission to the single financial institution.

21. The method of claim 19, wherein the single financial institution is selected based on the financing information and knowledge and prior experience attributed to the single financial institution.

22. The method of claim 19, further including providing a data entry screen configurable to receive multiple forms of collateral information.

23. The method of claim 19, further including providing a data entry screen configurable to receive financing information based on requirements of the single financial institution.

24. The method of claim 19, further including validating the financing information based on requirements of the single financial institution.

25. The method of claim 19, further including electronically transmitting the financing information to the single financial institution.

26. The method of claim 19, further including:

providing for request of status of financing applications based on search criteria; and

providing a status list of the financing applications.

27. The method of claim 19, further including:

providing for request of a credit report of an applicant;

receiving the credit report of the applicant; and

populating at least one field of a data entry screen with applicant information from the credit report.

28. A method of processing asset financing transactions, comprising:

providing a process for receiving loan information related to financing of an asset, wherein the process includes a data entry screen configurable to receive multiple forms of collateral information;

providing for selection of a single financial institution to receive a financing package compiled from the financing information; and

transmitting the financing package to the single financial institution.

29. A computer program product usable with a programmable computer processor having a computer readable program code embodied therein, comprising:

computer readable program code which receives financing information related to financing of an asset;

computer readable program code which provides for selection of a single financial institution to receive a financing package;

computer readable program code which provides for entry of financing information into fields of a data entry screen; and

computer readable program code which compiles the financing package from the financing information for submission to the single financial institution.

30. The computer program product of claim 29, wherein the data entry screen is configurable to receive multiple forms of collateral information.

31. The computer program product of claim 29, wherein the data entry screen is configurable to receive financing information based on requirements of the single financial institution.

32. A computer system for processing asset financing transactions, comprising:

means for receiving loan information related to financing of an asset;

means for selecting a single lender to receive a loan package;

means for providing a data entry screen for entering the loan information into fields of the data entry screen; and

means for compiling the loan package from the loan information for submission to the single lender.

33. The computer system of claim 32, wherein the data entry screen is configurable to receive multiple forms of collateral information.

34. The computer system of claim 32, wherein the data entry screen is configurable to receive loan financing information based on requirements of the single lender.