Insurance incentive program having a term of years for promoting the purchase or lease of an automobile

• US 7,349,860 B1
• Filed: 08/24/2000
• Issued: 03/25/2008
• Est. Priority Date: 08/24/2000
• Status: Expired due to Term

• Current Assignee: In The Car LLC
• Original Assignee: Creative Innovators Associates, LLC
• Inventors: Jackson, Jasper, Wallach, Robert
• Primary Examiner(s): Florian; Zeender Ryan
• Assistant Examiner(s): Frenel; Vanel
• Application Number:
  US09/645,794
• Time in Patent Office: 2,770 Days
• Field of Search: 705/4, 705/35, 705/36, 705/38, 705/39, 705/1, 235/400, 235/384, 235/379, 235/380
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/0645 Rental transactions; Leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Included in the payment of a financing amount corresponding to a loan or a lease of an item, such as an automobile, is a payment representing a portion of an insurance premium amount for an insurance policy having a term co-extensive with the term of the lease or the loan. The payment may be arranged for or completed over a computer network, such as the Internet.

Claims

1. A method for billing a flat, recurring charge to a buyer for financing and insurance after a sale or lease of an item, comprising:

receiving a first indication of a sale or lease of an item to a buyer;

receiving a second indication of an insurance premium and a financial balance owed by the buyer corresponding to the sale or lease;

receiving a third indication of a first time period in which a periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year;

calculating on a computer system a periodic recurring amount based on the insurance premium, the financial balance and the second time period; and

receiving, from the buyer, a single payment corresponding to the periodic recurring amount within the first time period.

2. The method of claim 1, wherein the second time period is based on a length of a loan for the financial balance owed by the buyer.

3. The method of claim 1, wherein the second time period is based on a length of a lease for the item.

4. The method of claim 1, wherein the item is an automobile.

5. The method of claim 1, wherein the periodic, recurring amount is charged monthly.

6. The method of claim 1, further comprising:

receiving a fourth indication of an interest rate to be applied to at least one of the financial balance and the insurance premium, wherein said calculating further includes;

calculating the periodic recurring amount further based on the interest rate.

7. An apparatus for billing a flat, recurring charge to a buyer for financing and insurance after a sale or lease of an item, comprising:

means for receiving a first indication of a sale or lease of an item to a buyer;

means for receiving a second indication of an insurance premium and a financial balance owed by the buyer corresponding to the sale or lease;

means for receiving a third indication of a first time period in which a periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year;

means for calculating on a computer system a periodic recurring amount based on the insurance premium, the financial balance and the second time period; and

means for receiving, from the buyer, a single payment corresponding to the periodic recurring amount within the first time period.

8. An apparatus for billing a flat, recurring charge to a buyer for financing and insurance after a sale or lease of an item, comprising:

a processor; and

a memory in communication with the processor, the memory for storing a plurality of processing instructions enabling the processor to;

receive a first indication of a sale or lease of an item to a buyer;

receive a second indication of an insurance premium and a financial balance owed by the buyer corresponding to the sale or lease;

receive a third indication of a first time period in which a periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year;

calculate a periodic recurring amount based on the insurance premium, the financial balance and the second time period; and

receive, from the buyer, a single payment corresponding to the periodic recurring amount within the first time period.

9. A computer-readable medium encoded with processing instructions for implementing a method, performed by a computer, for billing a flat, recurring charge to a buyer for financing and insurance after a sale or lease of an item, comprising:

receiving a first indication of a sale or lease of an item to a buyer;

receiving a second indication of an insurance premium and a financial balance owed by the buyer corresponding to the sale or lease;

receiving a third indication of a first time period in which a periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year;

calculating on a computer system a periodic recurring amount based on the insurance premium, the financial balance and the second time period; and

receiving, from the buyer, a single payment corresponding to the periodic recurring amount within the first time period.

10. A method for determining a periodic payment for (1) a purchase or lease of an item and (2) an insurance premium for an insurance policy covering an item, comprising:

receiving a first indication of an item to be covered under an insurance policy;

receiving a second indication of a buyer of the item;

receiving a third indication of a first time period in which said periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year; and

calculating on a computer system an insurance premium for the second time period based on the item and the buyer; and

calculating a periodic payment on a computer system to pay for the lease or sale of the item and the calculated insurance premium.

11. The method of claim 10, further comprising:

receiving, from a party other than the buyer, a payment of the insurance premium.

12. The method of claim 10, wherein the second time period is based on a length of a loan for the financial balance owed by the buyer.

13. The method of claim 10, wherein the second time period is based on a length of a lease for the item.

14. The method of claim 10, wherein the item is an automobile.

15. The method of claim 10, wherein the periodic, recurring amount is charged monthly.

16. The method of claim 10, further comprising:

receiving a fourth indication of an interest rate to be applied to at least one of the financial balance and the insurance premium, wherein said calculating further includes;

calculating the periodic recurring amount further based on the interest rate.

17. An apparatus for determining an insurance premium for an insurance policy covering an item, comprising:

means for receiving a first indication of an item to be covered under an insurance policy;

means for receiving a second indication of a buyer of the item;

means for receiving a third indication of a first time period in which a periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year;

means for calculating on a computer system an insurance premium for the second time period based on the item and the buyer calculating on a computer system a periodic recurring amount based on the insurance premium, the financial balance and the second time period.

18. An apparatus for determining an insurance premium for an insurance policy covering an item, comprising:

a processor; and

a memory in communication with the processor, the memory for storing a plurality of processing instructions enabling the processor to;

receive a first indication of an item to be covered under an insurance policy;

receive a second indication of a buyer of the item;

receive a third indication of a first time period in which a periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year;

calculate an insurance premium for the second time period based on the item and the buyer calculating on a computer system a periodic recurring amount based on the insurance premium, the financial balance and the second time period.

19. A computer-readable medium encoded with processing instructions for implementing a method, performed by a computer, for determining an insurance premium for an insurance policy covering an item, the method comprising:

receiving a first indication of an item to be covered under an insurance policy;

receiving a second indication of a buyer of the item;

receiving a third indication of a first time period in which a periodic payment is due, and a second time period in which the buyer must pay a financial balance corresponding to the item, the financial balance corresponding to a loan amount or a lease amount, and the second time period being greater than 1 year;

calculating an insurance premium for the second time period based on the item and the buyer calculating on a computer system a periodic recurring amount based on the insurance premium, the financial balance and the second time period.

20. A processor-implemented method for coordinating payment comprising:

processing data on a computer system that is associated with a sale or lease of an item and a co-extensive insurance policy for the item;

calculating a buyer periodic payment on the computer system based on factors including;

an insurance premium associated with the co-extensive insurance policy;

a total outstanding balance associated with the total sale price or total lease amount of the item,

a first period of time corresponding to the due date associated with an installment payment of the total outstanding balance, and

a second period of time corresponding to the due date associated with paying off the total outstanding balance; and

receiving a single payment corresponding to the buyer periodic payment amount within the first period of time.

21. A processor-implemented method for determining an providing insurance:

processing data on a computer system that is associated with a sale or lease of an item, a buyer or lessee of the item and a request for a co-extensive insurance policy for the item;

calculating an insurance premium on the computer system based on processed data including;

a total outstanding balance associated with the total sale price or total lease amount of the item,

a first period of time corresponding to the due date associated with an installment payment of the total outstanding balance, and

a second period of time corresponding to the due date associated with paying off the total outstanding balance; and

calculating on a computer system a periodic recurring amount based on the insurance premium, the financial balance and the second time period

determining a buyer periodic payment amount applied to paying a portion of the total outstanding balance and the calculated insurance premium.