Computerized systems and methods for marketing vehicle financing offers

Inactive Publication Date: 2014-03-20
HOGAN FINANCIAL SERVICES
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

This patent discusses different ways to offer financing to customers in retail vehicle sales environments, such as car dealerships. By doing so, the dealership can improve customer service, increase customer retention, and boost revenue. Customers can also benefit from lower interest rates, lower monthly payments, and faster equity in the vehicles. These methods can be applied to a wide range of vehicles and models.

Problems solved by technology

Thus, even if prevailing market interest rates decrease, or if the financial situation of the customer changes to such an extent that interest rates for other borrowers of similar creditworthiness would otherwise justify lower interest rates and thus lower total loan costs, the customer may remain tied to those less favorable terms.
Furthermore, under conventional purchasing / financing options, even if the customer desires to upgrade or change vehicles, they may not be able to because of the existing financing and repayment obligations for the existing vehicle, and the encumbrances placed thereon as part of such obligations.
Where the loan terms may allow such modifications, it is oftentimes difficult for the consumer to make well-informed decisions on whether it would be financially beneficial and / or justified.
Currently, there is no known way to identify and communicate with existing customers for whom refinancing or replacing the vehicle can be advantageous.

Method used

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  • Computerized systems and methods for marketing vehicle financing offers
  • Computerized systems and methods for marketing vehicle financing offers
  • Computerized systems and methods for marketing vehicle financing offers

Examples

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Embodiment Construction

[0037]The detailed description set forth below in connection with the appended drawings is intended as a description of certain embodiments of facilitating financing offers to customers, along with various methods and systems directed to that end. It is not intended to represent the only forms that may be developed or utilized. The description sets forth various functions in connection with the illustrated embodiments, but it is to be understood, however, that the same or equivalent functions may be accomplished by different embodiments that are also intended to be encompassed within the scope of the present disclosure. It is further understood that the use of relational terms such as first and second and the like are used solely to distinguish one entity from another without necessarily requiring or implying any actual such relationship or order between such entities.

[0038]Referring now to the block diagram of FIG. 1, there is a simplified depiction of a typical automotive retail e...

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PUM

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Abstract

A machine-implemented method for generating financing offers to a customer is disclosed. A plurality of original loan variables, including an original periodic payment amount, an original loan remaining duration, an original loan balance, and an original loan interest rate for an open loan account associated with the customer is received. A proposed interest rate is derived at least partially from prevailing market rates, and a proposed remaining loan duration is received. A plurality of proposed loan variables, including a proposed periodic payment amount and a proposed payoff amount is generated from the original loan balance and at least one of the proposed interest rate and the proposed remaining loan duration. Proposed difference values are generated based upon a comparison of the proposed loan variables and the original loan variables.

Description

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Claims

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Application Information

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IPC IPC(8): G06Q30/02
CPCG06Q40/025G06Q30/0255G06Q30/0207G06Q40/03
Inventor HOGAN, ROGERHOGAN, KYLE
Owner HOGAN FINANCIAL SERVICES
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