Note: Descriptions are shown in the official language in which they were submitted.
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FINANCING INFORMATION PROCESSING SYSTEM AND METHOD
BACKGROUND OF THE INVENTION
Field of the invention
The present invention relates to a method and
system for processing and presenting financing
information to a user, and more particularly, to a
method and system which allows a user to review
a
financing account data and generate detailed reports
which allows the user to better market financing
alternatives to their customers.
Discussion of Related Art
Owners and operators of businesses whose sales
strongly rely on financing by its customers have long
sought ways to facilitate the financing activities
associated with their products. This is particularly
so in the case of an automobile dealer whose customers
may want to take advantage of myriad financing
opportunities available to them.
Typically, vendors employ rate sheets or access
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computerized systems which provide the vendor with the
options available to them and their customers. The
vendor must then go through the financing options in
an effort to determine the best option for the
customer as well as an option which will be profitable
for the vendor. This is the case because many
financial institutions provide the vendor with a
percentage of the financing revenue derived as a
result of the customer entering into a designated
financing arrangement. For example, an automobile
dealer who gets a customer to sign up for_a particular
type of lease may receive a percentage of the lease
proceeds from the financial institution underwriting
the lease.
The financial account associated with this
arrangement is typically referred to as a "reserve"
account. A reserve account corresponding to a motor
vehicle dealer is referred to as a dealer reserve
account. Reserve accounts allow vendors to track the
credits they receive as a result of sales and
financing activity and the debits incurrec'. as a result
of charge backs, adjustments, payoffs, etc.
Typically, the vendor is provided with a periodic
paper statement outlining the reserve activity and
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balances. This paper statement is wasteful, and often
does not represent the current state of the vendor's
reserve account. The vendor also can not quickly
determine the impact on their reserve account
resulting from customers' payment histories. It is
desirable, therefore, to provide a vendor with
electronic access to their reserve account to obtain
up-to-date data regarding account status, and further
to integrate the electronic access with other services
which may be useful to the vendor in facilitating
their financing activities.
Systems have also been developed which allow a
vendor to electronically complete and submit a
financing application to one or more financial
institutions on behalf of a customer. For example,
U.S. Patent No. 5,878,403, issued to DeFrancesco, is
directed to a system which allows a car dealer to
electronically prepare and submit a credit application
to one or more funding institutions and alerting the
vendor as to the result of the credit decision. While
these systems facilitate loan application~entry and
the dissemination of a credit decision, these systems
do not support the actual contract process, i.e., the
process by which the customer accepts the funds in
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exchange for a promise to pay the loan anc~ do not
provide the vendor with the ability to generate
detailed reports which allows the vendor to market
their products to prospective customers.
Similarly, U.S. Patent No. 5,870,721, issued to
Morris, is directed to a system which allows an
applicant to electronically submit a loam application
to a lending institution which then checks the
applicant's credit and issues a determination.
However, this system does not track contract status
nor provide any prospecting information, particularly
because it is the applicant who directly seeks the
loan.
In addition, no system currently exists which
seamlessly integrates financing functions into a
simple network-based application which allows a user
to obtain reserve account data, check contract status
for pending customer contracts, obtain current lease
or other loan program information and generate
detailed reports for prospective customers based on a
set of criteria determined by the vendor and to review
reports relating to the vendors particular performance
as against sales volumes, efficiency levels and the
quality of the loans which have been generated as a
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result of their activity.
SUMMARY OF THE INVENTION
The present invention provides a method for
using a communication network to facilitate financing-
related activities, in which a list of financing
functions is provided to a user terminal across the
communication network. The list of financing
functions corresponds to those functions available to
a user of the user terminal. The financing functions
includes at least one of a status function, a report
generation function and a least one financing program
function. A financing function request is received
from the user terminal in which the financing function
request corresponds to a selected one of the financing
functions provided to the user terminal. A database
is accessed to retrieve data corresponding to the
received financing function request. The retrieved
data is arranged into a predetermined format. The
formatted data is transmitted across the communication
network to the user terminal.
The present invention also provides a system
which uses a communication network to facilitate
financing activities, in which there is a database and
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an information processor coupled to the database. The
information processor has a network interface coupling
the information processor to the communication network
and a has a central processing unit. The central
processing unit accepts requests from a user terminal
coupled to the communication network. The central
processing unit executes functions which include:
receiving from the user terminal, a selected
financing function request, the selected financing
function request corresponding to a financing function
selected from a list of financing functions made
available to a user of the user terminal,~the list of
financing functions including at least one of a status
function, a report generation function and a financing
program function;
accessing the database to retrieve data
corresponding to the received financing function
request;
arranging the retrieved data into a predetermined
format; and
using the network interface to transmit the
formatted data to the user terminal.
The present invention additionally provides a
storage medium storing programmatic code for a
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network-based financing information system which, when
executed, performs acts in which a requested financing
function request is received from a user terminal.
The requested financing function request corresponds
to a financing function selected from a list of
financing functions made available to a user of the
user terminal. The list of financing functions
includes at least one of a status function, a report
generation function and a financing program function.
A database is accessed to retrieve data corresponding
to the received financing function request. The
retrieved data is arranged into a predetermined
format. The formatted data is transmitted across the
communication network to the user terminal.
As another aspect of the invention, a method for
using a communication network to facilitate financing
activities of a vehicle dealer is provided in v,~rich a
list of dealer financing functions is provided to a
user terminal across the communication network. The
list of financing functions corresponds to those
functions available to a user of the user terminal.
The financing functions include at least one of a
contract status function, a dealer reserve report
function, a prospect report generation function and a
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financing program function. A financing function
request is received from the user termin.aJ. in which
the financing function request corresponds to a
selected one of the financing functions provided to
the user terminal. A database is accessed to retrieve
data corresponding to the received financing function
request. The retrieved data is arranged into a
predetermined format. The formatted data is
transmitted across the communication network to the
user terminal.
As still another aspect of the present invention,
a method for using a communication networY to
facilitate financing activities of a vehicle dealer is
provided in which a contract status function request
for a vehicle contract transmitted across the
communication network by a user terminal is received.
A database is accessed to retrieve at least one of
summary contract data and detailed contract data in
accordance with the received contract status function
request. The summary contract data and the detailed
contract data each include a contract receipt date, a
contract status and contract booking data: The
retrieved data are arranged into a predetermined
format. The formatted data are transmitted across the
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communication network to the user terminal.
As still yet another aspect of the present
invention, a method for using a communication network
to facilitate financing activities of a vehicle dealer
is provided in which a function request is received.
The function request being one of a reserve report
function request and a prospect report generation
function request. A database is accessed to retrieve
one of reserve report data and prospect report data
corresponding to the received function request. The
reserve report data includes at least one of summary
reserve data, detailed reserve data and account data.
The prospect report data includes at least one of
summary prospect data and detailed prospect data to
identify potential vehicle lease and vehicle purchase
customers. The retrieved data is arranged into a
predetermined format. The formatted data is
transmitted across the communication network to the
user terminal.
The present invention also provides a method for
using a communication network to facilitate financing
activities of a vehicle dealer in which a vehicle
program function request transmitted by a user
terminal across the communication network is received.
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The vehicle program function request being for one of
a lease program and loan program. A database is
accessed to retrieve data corresponding to the
received vehicle program function request. The
retrieved data comprises at least one of current
program summary data, current program detail data and
archival program data. The current program summary
data identifies programs currently available to the
user, the current program detail data identifies
programs and corresponding financing rates currently
available to the user and the archival program data
corresponds to archival data of previous programs and
financing rates. The retrieved data is arranged into
a predetermined format. the formatted data is
transmitted across the communication network to the
user terminal.
Other features and advantages of the present
invention will become apparent from the following
description of the invention which refers to the
accompanying drawings.
BRIEF DESCRIPTION OF THE DRAWINGS
Figure 1 is a diagram of the hardware elements of
the system of the present invention;
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Figure 2 is a diagram of an alternative
embodiment of the hardware elements of the system of
the present invention;
Figure 3 is a flow chart of the overall operation
of the system of the present invention;
Figure 4 is an example of a terminal display
screen of a main page arranged in accordance with the
principles of the present invention;
Figure 5 is a flow chart of the contract status
function of the present invention;
Figure 6 is an example of a contract summary
display screen arranged in accordance with the
principles of the present invention;
Figure 7 is an example of a detailed contract
display screen arranged in accordance with the
principles of the present invention;
Figure 8 is a flow chart of the reserve report
function of the present invention;
Figure 9 is an example of a vendor reserve
account summary display screen arranged in accordance
with principles of the present invention;
Figure 10 is an example of a reserve detail
display screen arranged in accordance with principles
of the present invention;
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Figure 11 is a flow chart of the prospect report
function of the present invention;
Figure 12 is an example of a prospect report
summary display screen arranged in accordance with
principles of the present invention;
Figure 13 is an example of a detailed prospect
report display screen arranged in accordance with the
principles of the present invention;
Figure 14 is a flow chart showing the.lease
programs function of the present invention;
Figure 15 is an example of a lease program
summary display screen arranged in accordance with the
principles of the present invention; and.
Figure 16 is an example of a display screen of
lease program details arranged in accordance with
principles of the present invention.
DETAILED DESCRIPTION OF EMBODIMENTS OF THE INVENTION
Referring now to the drawing figures in which
like reference numbers refer to like elements, there
is shown in Figure 1 a diagram of the hardware
elements of the system of the present invention,
designated generally as "2".
System 2 provides a complete and comprehensive
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environment for a financing system, allowing a user to
generate reports relating to the dealer's performance,
check reserve accounts, prospect for potential
customers, check the status of pending customer
contracts, check vendor performance as measured
against certain financing criteria and the like.
System 2 is preferably comprised of one or more user
terminals 4 coupled to one or more information
processors 6 through data communication network 8. As
used herein, the term "user" refers to a vendor or
vendor employee engaged in the sale or lease of a
product or service (the terms "product" and "service"
are used interchangeably herein). The term "customer"
refers to the purchaser of the goods or services
offered by the vendor. For example, a car dealer is a
vendor, the car dealer salesperson a user, and the
purchaser of the car a customer.
It should be noted that although user terminal 4
and information processor 6 are shown as each coupled
to a single data communication network 8, this
arrangement is shown merely for the convenience of
aiding explanation of the present invention and is not
limited to such. For example, data communication
network 8 can be the Internet or other public or
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private network comprised of multiple communication
networks, coupled together by network switches or
other communication elements.
User terminals 4 are comprised of an1~ computer
platform capable of running an Internet web browser or
similar graphical user interface software. Examples
of suitable web browsers include MICROSOFT'S INTERNET
EXPLORER and NETSCAPE's COMMUNICATOR. The computer
platform for user terminal 4 can vary depending on the
needs of its particular user and can range from a
desktop, laptop or handheld personal computer or
personal digital assistant to a UNIX-based workstation
or mainframe computer.
User terminals 4 preferably communicate with
information processors 6 using the Transmission
Control Protocol/Internet Protocol (TCP/IP) upon which
particular subsets of that protocol can be used to
facilitate communications. Examples include the
Hypertext Transfer Protocol (HTTP), data carrying
Hypertext Mark-Up Language (HTML) web pares, Java and
Active-X applets and File Transfer Protocol (FTP).
Information processors 6 are capable of
generating/retrieving the HTML pages and applets, and
communicating them to user terminals 4. ~'or example,
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communication may take the form of files delivered
using FTP or Extensible Mark-Up Language (XML) formats
as agreed to by the sending and receiving parties.
Information processors 6 are comprised of one or
more central processing units coupled to one or more
databases 10 as described in detail below. In
addition, information processors 6 further comprise a
network interface (not shown) to couple the processor
to data communication network 8, and include
provisions for a web site or other technology which
can create a network presence from which the provider
of information processor 6 can interact with user
terminals 4. Technologies including hardware and
software for establishing web sites such ~~s an
Internet web site are known.
Information processor 6 can be comprised of any
suitable processor arrangement designed to accommodate
the expected number of users and transactions for the
particular system in which these elements will be
implemented. Known software languages ar_d database
technologies can be used to implement the described
processes. Database 10 and programmatic code and the
like are stored in suitable storage devices within, or
which have access to, information processor 6.
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Although not shown, database 10 can include a suitable
database management system processor which operates
thereon. In addition, although database 10 is shown
as a separate entity in Figure 1, it is contemplated
that database 10 can be implemented as part of a
storage device within information processor 6, or can
even be coupled to information processor 6 across a
communication link. Database 10 is preferably a
multidimensional database which is analyzed using on-
line analytical processing (OLAP) tools.
It should be noted that references to "selecting"
or "choosing" refer to the selection by the user of an
object presented on the display of user terminal 4.
Also, the term "link" is used to mean a reference to
different display data such an HTML reference to a
different web page.
Data connections between user terminal 4 and data
communication network 8 can be any known arrangement
for accessing a data communication network, such as
dial-up Serial Line Interface Protocol/Point-to-Point
Protocol (SLIP/PPP), Integrated Services Digital
Network (ISDN), dedicated leased-line service,
broadband (cable) access, Digital Subscriber Line
(DSL), Asynchronous Transfer Mode (ATM), Frame Relay
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or other known access technique. Information
processors 6 are coupled to data communication network
8 in a similar fashion. However, it is preferred that
the link between the information processor 6 and data
communication network 8 be arranged such that access
to information processor 6 is always available.
Information processors 6 preferably include one
or more central processing units used to execute
software code in order to control the operation of
information processor 6, read only memory, random
access memory, a network interface to transmit and
receive data to and from other computer devices across
the network, and a storage device for storing
programmatic code, databases and application data such
as the hard drive, floppy disk drive, tape drive, CD-
ROM or DVD-ROM.
The various components of information processor 6
need not be physically contained within the same
chassis or even located in a single location. For
example, as explained above with respect to database
10 which can reside on the storage device within
information processor 6, the storage device may be
located at a site which is remote from the remaining
elements of information processors 6, and may even be
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connected to information processors 6 across data
communication network 8 via the network interface.
The nature of the invention is such that one
skilled in the art of writing computer executable code
(software), would be able to implement the described
functions using one or more popular computer
programming languages such as "C++", Visual Basic,
Java or HTML.
User terminals 4 are preferably equipped with web
browsers software which support frames, i.e.,
subdividing the display into multiple display
sections, to allow the user to view different types of
data in each of the different subareas. For example,
user terminal 4 can display a main data area showing
selected information and can simultaneously display a
smaller area containing an index of other functions
available within the web site. As such, each user's
experience with the system will be based on the order
with which they progress through the system's display
screens. In other words, because the system is not
completely hierarchical in its arrangement of display
screens, users can proceed from area to area without
the need to "back-track" through a series of display
screens. For that reason, the following discussion is
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not intended to represent any sequential steps, but
rather a description of the components of the system
and their operation.
Figure 2 shows a diagram of an alternate
embodiment of the hardware elements of system 2 of the
present invention. As shown in Figure 2,~it is
contemplated that information processor 6 can be
coupled to database 10 and financing processor 12 via
private data communication network 14. Financing
processor 12 can include its own database.
Information processor 6 can be fitted with more than
one network interface, or can utilize a jingle network
interface to couple information processor 6 to private
data communication network 14. The link coupling
information processor 6 to private data communication
network 14 can be any known networking technology
including local area network (LAN) links, virtual
private network (VPN) links and wide area network
(WAN) links such as those used to couple information
processor 6 to data communication network 8.
Database 10 is also shown in Figure 2 as coupled
to private data communication network 14. Under this
arrangement, information processor 6 can store and
retrieve data on database 10 such that database 10
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need not be co-located with information processor 6,
but instead can be located at any convenient place,
both logically and physically, at which the provider
of system 2 deems appropriate.
Financing processor 12 typically stores financing
related information such as the vendor reserve
account, customer finance, i.e., loan and lease
accounts, etc in a database. Financing processor 12
can be any known computer platform including a
mainframe computer, mini-computer or micro- computer
running any operating system and being comprised of
sufficient hardware components to meet the needs of
the expected storage and processing demands to be
placed thereon. In addition, it is contemplated that
financing processor 12 can be a distributed system
comprised of multiple processing units.
Financing processor 12 is preferably coupled to
private data communication network 14 via any known
networking technology, including those described above
with respect to information processor 6. However, it
is contemplated that financing processor 12 can be
operated by an entity other than the provider of
system 2 and/or can be coupled to the hardware
elements of system 2 via data communication network 8.
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Private data communication network 14 can be any
data communication network capable of transporting
data packets from financing processor 12 and database
to information processor 6, and vice versa. For
5 example, it is contemplated that private data
communication network 14 can be a TCP/IP network which
is segregated from public data communication networks
such as the Internet by existing firewall
technologies.
10 Although the operational example described herein
is described with respect to an automobile dealer
financing environment, it is to be understood that the
invention is not limited to such. It is contemplated
that any arrangement which relies on financing,
whether commercial or customer-based can be supported
by the present invention. For example, the financing
of commercial machinery, office equipment, etc., can
be supported by the present invention.
The operation of the invention along with the
accompanying exemplar screen displays is described.
Figure 3 is a flow chart of the overall operation of
the system of the present invention. A user of user
terminal 4 initiates their web browser or other
graphical user interface software and establishes a
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communication section with information processor 6.
The user is then preferably prompted to log in and
authenticate themself (step S100). Log in and
authentication are accomplished using known security
methods and can also include the establishment of a
secure session between user terminal 4 and information
processor 6 be any known technology including secure
socket layer (SSL) technology.
It is contemplated that multiple layers of user
privileges are implemented within system 2. For
example, a salesperson at a car dealer may have the
ability to execute certain functions, while the sales
manager or owner of the dealership may have still more
privileges and access to functions. As another
example, the sales manager may have access to reserve
account data, while the salesperson may not be so
privileged.
Further, it is also contemplated that users with
a predetermined privilege level have the authority to
create accounts for other users. For example, the
sales manager may have a privilege level such that
they can add salespersons as users. User ID and
password authentication data is stored, for example,
in database 10.
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Once a user has been authenticated, information
processor 6 causes the system homepage to be displayed
on user terminal 4 (step 5102). An example of a home,
i.e., main display page is shown in Figure 4. Main
page 16 is preferably comprised of banner message 18,
textual message 20 and function list 22. It is
contemplated that the list of functions transmitted to
user terminal 4 can be transmitted part of a Java
applet or Active-X control program. Banner message 18
preferably identifies the authenticated user and their
corresponding vendor. Textual message 20 can be a
message, picture, and the like. Function list 22 is
preferably a separate frame which lists those
functions available to the user.
The user selects the function, for example, by
"clicking" on it with their pointing device. Main
function areas include application and contract
related functions, reports, rates and programs, pay-
off quotations, documents and forms, product
information, industry links, locations, dealer switch
and dealer information.
The application and contract functions allow a
user to submit an application for financing, and check
the status of the application as well as the resultant
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contract. As discussed above, methods for submitting
and tracking financing applications via electronic
networks are known. The contract status function is
an aspect of the present invention as is described in
detail below.
Reporting functions include reserve reports and
prospect reports. The reserve reports allow a user to
prepare customized reports regarding the vendor
reserve account. For example, an automobile dealer
may maintain a dealer reserve account with a financial
institution. Prospect reports allow a user to
generate reports which enable the user to target
particular customers or potential customers by
determining those prospective customers who may be in
need of financing shortly. For example, a customer
whose vehicle's lease will expire in three months may
be in need of financing a new vehicle. Accordingly,
the user may wish to contact the customer prior to the
termination of the customer's lease.
Rates and programs functions include lease
programs, retail financing rates, payment calculator
and residual value book. Lease programs allow the
user to quickly determine which programs are currently
available to the user for particular products as well
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as to view an archive of prior programs such as prior
lease programs. Retail rates are preferably comprised
of historical loan rates and loan rates currently
available to the vendors customers. Electronic
payment calculators which allow a user to input rate
and financing data in order to determine payments at
given principal values, interest rates and terms are
known. The residual value book function allows the
user to access a database of values for used goods,
for example, automobiles.
Similarly, systems which allow a user to
determine a pay-off quotation for a customer given a
number of factors, such as remaining loan principal,
trade-ins, interest rates, etc., are known. The
documents and forms functions allows the user access
to those documents and forms stored on database 10.
For example, printed copies of contracts,
applications, instructions for completing those
documents, contact addresses and the like may be
stored as documents and forms.
The product information function provides the
user with access to information pertaining to myriad
financing products, for example different types of
leases, loans, etc. Industry links provides the user
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with a list of links to other web sites which may be
of use. Locations provides the user with a searchable
list of financial institution locations or vendors
corresponding to a particular type of good or service.
For example, the location function may provide a map-
based interface which allows a user to determine a
particular type of automobile dealer. This may be
useful, for example, when the user is not a vendor
salesperson, but rather a sales person of affiliated
with the financial institution who seeks to sell their
financing services.
The dealer switch function allows an authorized
individual at a dealer group level to access
information for each of the individual dealerships
within the group. The dealer information function
provides the user with information about the selected
dealer. The dealer information function provides the
dealer or the financing institution salesperson with
data relating to the performance of a particular
dealer by storing performance data in database 10
which can be easily retrieved and displayed on user
terminal 4. Performance data includes sales volume
data, loan performance data, asset quality data, loan
delinquency data, etc.
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Once main page 16 is displayed on user terminal
4, the user selects a desired function from function
list 22 (step S104). Information processor 6 receives
the request and performs the selected function (step
S106), accessing database 10 and financing processor
12 as necessary. The user can continue tc~ select
functions which are transmitted to information
processor 6 for performance until such time as the
user has completed all desired functions (step 5108).
Although not shown, it is contemplated that the user
can be prompted to log-out of system 2 to terminate
the communication session or can just visit a
different web site.
As may be necessary, database 10 is accessed to
retrieve data corresponding to the function request
received by information processor 6. Information
processor 6 arranges the retrieved data into the
desired format and transmits the data to user terminal
4 for display thereon.
The contract status function of the present
invention is explained with reference to FigurE,c 5-7
in which Figure 5 is a flow chart of the contract
status function, Figure 6 is an example of a contract
summary display screen and Figure 7 is an example of a
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detailed contract display screen. Referring to Figure
5, a user initially selects the contract status
function from function list 22. Information processor
6 receives this request and retrieves the status of
the most recent contracts for the corresponding vendor
from database 10 (step 5110). The present invention
can also be arranged to retrieve the status of all
contracts for the corresponding vendor. The data
retrieved by information processor 6 is preferably
summary data. It is contemplated that the quantity of
contracts received during this initial process can be
set to a convenient number, for example 10 contracts.
The summary contract data is received by user
terminal 4 and displayed (step 5112). As shown in
Figure 6, contract summary display screen 24 includes
contract summary area 26. Contract summary display
screen 24 also includes search area 28, printable
format button 30 and download to spreadsheet button
32. As discussed below, search area 28 allows a user
to search for a particular contract by entering search
criteria and selecting a search category.
Contract summary area 26 provides a convenient
way to display contract summary data. Contract
summary data includes the date that the contract was
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received by the financing institution, a unique
reference number corresponding to the contract the
Applicant's first and last names the product category,
contract status, book date and time. N/U/D refers to
whether the product is new, used or a demo. Products
include retail loan, balloon-type loan or lease.
Contract status indicators include whether the
contract documents have been received by the financing
institution, that the contract is pending, and whether
the contract. i.e., financing has been booked by the
financing institution. In the case where the contract
has been booked, the booked date and time appear in
contract summary area 26.
In addition, the summary data displayed in
contract summary area 26 can be sorted by selecting
the category title. For example, selecting the
"reference number" category will sort the summary
contract data by reference number. Although the data
can be sorted directly by the Java applet Active-X
control downloaded to user terminal 4, it is also
contemplated that selecting the category indicates to
information processor 6 that the user is requesting a
data sort on the contract summary data. Any function
for which a data sort is useful is preferably
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implemented in this manner.
Selecting printable format button 30 causes a
version of the contract summary data to be displayed
which provides a display suitable for printing, i.e.,
without the banners, function list 22, etc.,
preferably by opening up a new browser window.
Selecting download to spreadsheet button 32 initiates
a file transfer function which retrieves the contract
summary, and optionally detail data, from information
processor 6. In the alternative, it is also
contemplated that the contract summary data which is
already present on user terminal 4 can be reformatted
and directly saved in the storage device of user
terminal 4.
The user can also search for a contract (step
S114) by inputting search criteria in search area 28
(step 5116). Search categories preferabll~ include the
contract summary display categories, customer's social
security number and month the contract was received by
the financing institution.
By selecting the appropriate button, for example
a submit button, the search parameters are transmitted
to information processor 6 which uses kncwn searching
techniques to initiate a search in financing processor
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12 or search database 10 for contract records which
meet the input search criteria. The resultant summary
contract data is transmitted to user terminal 4 for
display in contract summary area 26 (step S11S).
In the case where the user does not wish to
search for a contract or when the search results show
a contract for which the user desires more
information, the user can select the specific
contract, for example by selecting the corresponding
reference number of the contract in contract summary
area 26 (step 5120) . The request, prefera.~bly
including the reference number or other identifying
indicator, is transmitted to information processor 6
which retrieves the corresponding detailed contract
data from database 10 and transmits the detailed
contract data to user terminal 4 for display (s~-.ep
5122). An example of contract status details for a
retail loan is shown in Figure 7 as detail contract
display screen 34. It should be noted that detail
contract display screens for other loan types may
result in the presentation of different detailed
information and fields. For example, detail contract
display screen 34 shows financing information related
to a traditional vehicle loan. This information may
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be different in the case of a lease or for a different
type of product.
As shown in Figure 7, detail contract display
screen 34 is comprised of three main areas (not
including function list 22), namely applicant, i.e.,
customer information area, vehicle, i.e., product
information area 38 and financing information 40.
Customer information area 36 includes detailed
information about the applicant. Product information
area 38 includes relevant information about the
product to be financed, for example, particular
information about the vehicle. Financing information
area 40 contains relevant details regarding the
financing, for example the amount financed, financing
terms, customer and vendor interest rates; bonuses gap
payments, etc. It is also contemplated that
information regarding the financing company
representative can be included as part of the detailed
contract data, for example the account
representative's name, telephone number, compar_lr, etc.
In the case where the vendor has a reserve
component associated with the contract (step S124),
detail contract display screen 34 includes a link
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which, when selected (step 5126), initiates the
corresponding reserve function which will calculate
the vendor's reserve activity corresponding to the
contract (link not shown in Figure 7) (step S12R).
Where the vendor account does not have a reserve
component corresponding to the contract, the user can
select a link which causes the next most recent group
of contracts to be displayed on contract summary
display screen 24 (step 5130).
The present invention provides a plurality of
report functions, two of which are the reserve report
function and prospect report function. The reserve
report function is described with reference to Figures
8-10 in which Figure 8 is a flow chart of the reserve
report function, Figure 9 is an example of a vendor
reserve account summary display screen and Figure 10
is an example of a reserve detail display screen.
Upon selecting the reserve report function from
function list 22, information processor 6 retrieves
reserve account data from database 10 for the
corresponding vendor in accordance with a date
selected automatically by information processor 6 or
by the user (step 5132). The reserve account data
includes reserve account summary data and reserve
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account transaction detail data. For example,
information processor 6 is preferably arranged to
retrieve reserve data corresponding to the current
month (step 5134). The retrieved reserve data is
assembled into a summary table and a transaction
detail table, preferably HTML-based tables, using web
server software executing on information processor 6
(step S136). The tables are preferably transmitted as
a data stream, for example using HTTP, to user
terminal 4 and displayed thereon (step S138).
As shown in Figure 9, summary reserve display
screen 42 includes date entry area 44, transaction
summary area 46 and transaction detail area 48. Date
entry area 44 allows the user to select a different
date range for the reserve summary data. The date
range is entered by clicking the submit button.
Changing the date causes information processor 6 to
retrieve summary reserve data for the entered date
range and transmit this data to user terminal 4.
Transaction summary area 46 is comprised of
summary reserve data which provides an overview of the
reserve account activity. The summary reserve data
includes reserve calculation data such as the starting
and current reserve balances, net up front and earned
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credits and the net of checks for electronic funds
transfers. The reserve adjustment data includes net
adjustments and charge backs. Transaction summary
area 46 also provides other summary information data
including the net amount of new loans, repossessions,
charge-offs and payoffs, the total of all loan
balances along with the accumulated hold back and
required hold back, if any.
Transaction detail area 48 provides more
comprehensive information beyond what is shown in
transaction summary area 46. Transaction detail area
48 includes the reserve account transaction detail
data and shows, for example, the comprehensive
information for each transaction which occurred during
the designated time period. Transaction details
include, for example, the date of the trar..saction, the
corresponding customer's account number and name, the
funding date, i.e., date of the initial financing, a
transaction code which identifies the type of
transaction, description of the transaction, the
amount of the transaction and whether the transaction
is a debit or a credit. Other details supporting a
particular transaction can be included, depending on
the nature of the transaction.
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Referring again to Figure 8, the user can
continue to review reserve statements for different
periods by selecting a different date in date entry
area 44 (step 5140). The user can also receive
customer account details (step S142) by selecting the
appropriate transaction from transaction detail area
48 as shown in Figure 9.
Selecting a particular transaction instructs
information processor 6 to retrieve detailed customer
account data from database 10 (step S144)~and to
create a detailed account table, for example, in HTML
format, for display on user terminal 4. Figure.20
shows customer account detail display screen 50,
displayed on user terminal 4 upon selection of a
particular transaction from transaction detail area
48. Customer account detail display screen 50
displays the selected detailed customer data,
including reserve component data 52. Reserve
component data represents amounts credited or debited
to the vendors account associated with the customer's
financing.
Customer account detail screen 50 also includes
customer contract/application information area 54 and
financing information area 56. The buy rate as shown
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in financing information area 56 refers to the rate
interest rate corresponding to the vendor, and the
customer rate refers to the actual interest rate being
charged to the customer. Additional data:fields in
financing information area 56 preferably include a
coupon, i.e., discount amount, adjustments.
The combination of summary reserve display screen
42 and customer account detail screen 50 allows a user
to quickly retrieve information regarding the
corresponding vendor's reserve account and to
determine which customers are positively contributing
to the reserve account which are adversely affecting
the reserve account. This allows the vendor to be
better able to market their products by understanding
how customers affect their business.
Although not shown in Figure 10, the user is
preferably provided with a link allowing the user
access to the effective rate sheet associated with the
customer's account (step 5148). Upon selection, user
terminal 4 transmits a request to information
processor 6 which retrieves rate sheet data
corresponding to the customer from database 10, and
optionally the vendor, account (step 5150) and
transmits the rate sheet data to user ter~tiinal 4 for
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display (step 5152).
The effective rate sheet for the corresponding
customer account retrieved from database 10 displays
the rate sheet that was used to determine the buy rate
for the corresponding customer account.
The present invention also provides prospect
reports to users, allowing users an efficient yet
comprehensive avenue for locating prospecting
customers, especially customers who have had prior
dealings with the vendor. The prospect report
function is described with reference to Figures 11-13
in which Figure 11 is a flow chart of the prospect
report function, Figure 12 is an example of a prospect
report summary display screen, and Figure 13 is an
example of a detailed prospect report display screen.
In particular, the prospect report function
provides vendors and their corresponding users with a
list of customers, i.e., prospects whose leases,
balloon and retail loans, will mature in a time frame
selected automatically by the system or selected by
the user.
The summary and detailed reports provide sales
leads to vendors by providing details of their
customers' accounts which are maturing in the near
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future. Upon selecting the prospect report function
from function list 22, user terminal 4 notifies
information processor 6 of the selection.
Referring to Figure 11, information processor 11
determines a date range for which prospect data is to
be retrieved (step 5154) and retrieves the
corresponding summary level prospect data for the
selected date range. The summary level prospect data
is transmitted to user terminal 4 and displayed (step
158). A date range can be automatically determined by
information processor 6, for example, accounts
maturing within the next month. It is also
contemplated that a predetermined number of maturing
accounts can be retrieved and displayed in date order,
for example, the first twenty maturing accounts.
As shown in Figure 12, summary of prospect
display screen 58 preferably includes date entry area
60, summary prospect data area 62, printable format
button 30 and download to spreadsheet button 32.
The operation of date entry area 60 is similar to
that of date entry area 44 corresponding to the
reserve function.
Summary prospect data area 62 is comprised of
summary prospect data which identifies a customer,
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maturity date of their account and any notes
accompanying the summary of prospect data record.
Summary prospect display screen 58 provides the user
with a quick and efficient way to determine
prospective customers; customers who represent real
sales leads by virtue of their maturing accounts.
Referring again to Figure 11, the user can, as
described above, change the date range for which the
prospect is generated (step 160) in which case
information processor 6 retrieves the correspon~.ing
summary level prospect data from database 10,
repeating steps 156 and 158. The user selects the
respective customer from summary prospect data area 62
to request detailed prospect information for that
customer (step 162). The request is transmitted to
information processor 6 which queries database 10 to
retrieve detailed prospect data for the selected
customer which is transmitted to and displayed on user
terminal 4 (step 5164).
As shown in Figure 13, detailed prospect display
screen 64 includes customer information area 66,
financed product area 68, detailed prospect account
information area 70 and notes entry area 72. Areas
66-72 represent detailed prospect data corresponding
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to the selected customer displayed in summary prospect
data area 62.
Customer information area 66 displays data
relating to customer contact, including the customer's
name, address and telephone number. It is also
contemplated that customer information area 66 can
include the customer's electronic mail address.
Financed product information area 68 includes
particularized data regarding the product°currently
being financed. Figure 13 shows an example of a
financed vehicle in financed product information area
68.
Detailed prospect account information area
displays data corresponding to the customer's account
for the financed product. Detailed prospect account
information area preferably includes an account
number, product type, maturity date of the account,
the customer's monthly payment, the most recent payoff
quotation and the date that the payoff quotation is
valid through. It is contemplated that information
processor 6 can process the payoff quotation and
validity date prior to transmitting the detailed
prospect data to user terminal 4, such that the payoff
quotation and validity date are current at the time
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the data are delivered to user terminal 4. It is
further contemplated that the processing capability of
information processor 6 as well as the ability for
database 10 to retrieve and deliver (or make
available) the data to information processor 6 may
necessitate retrieving a payoff quotation and validity
date which was previously calculated and stored in
database 10 as part of the detailed prospect data, for
example, during a periodic or prior calculation
process.
In the latter case, detailed prospect display
screen 64 also includes debt payoff quote link 74.
Selecting debt payoff quote link 74 initiates a
separate process within information processor 6 which
calculates a current payoff quotation and transmits
the quotation for display on user terminal 4 (display
example not shown). Providing a separate link to
initiate payoff quotation calculations conserves
processing resources by not unnecessarily calculating
payoffs.
Note entry area 72 allows the user to enter
comments which are stored with the corresponding
detailed prospect data in database 10. This allows
the user, for example, to record details of any
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communication with the respective customer. The user
indicates that they want to store the data in database
by selecting save notes button 76. Selecting clear
notes entry area button 78 deletes the entry in notes
5 entry area 72, allowing the user to reenter their
comments or delete any previous comments. Selecting
next prospect button 80 causes information processor 6
to transmit detailed prospect data for the next
prospect in summary of prospect data area 62.
10 Referring to Figure 11, the interactive flow
between the user and the display in Figure 13 is
described as follows. If the user wishes to enter
comments in notes entry area 72 (step S166), the user
enters these comments in note entry area 72 (step
5168) and selects save notes button 76. The user's
detailed prospect data record is flagged (step 5170),
preferably by information processor 6, to indicate
that comments have been entered for that prospective
customer and stored in database 10 (step 5172). This
flag is indicated in summary prospect data area 62
under the notes column, thereby informing the user of
the existence of notes for the corresponding customer.
Where the user does not wish to enter comments
for the customer, or once the flag indicator has been
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set in step 5172, the user indicates that they would
like to obtain a current payoff quotation by selecting
debt payoff link 74 (step 5174). When such an
indication is received by information processor 6, the
payoff quotation is processed (step S176) by
information processor 6. It should be noted that, as
discussed above, information processor 6 need not
actually perform the calculation, but rather any
processor which can be accessed by information
processor can complete the calculation, for example,
financing processor 12.
It should be noted that, although comment entry
for customer account shown in step 166 appears prior
to payoff quotation step 5174 in Figure 11, the nature
of a web browser or web graphical user interface
display such as shown in detailed prospect display
screen 64 allows the steps to be requested and
executed in any order. As such, the presentation
order of the steps in Figure 11 is provided merely for
convenience of explanation and can be requested and
completed in any sequence.
The user continues to interact with display
screens 58 and 64 to access details for other accounts
(step 5178). For example, the user can select next
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prospect button 80 on detailed prospect display screen
64 or can display summary of prospect display screen
58 to initiate additional searches or select other
customers from summary of prospect data area 62.
Advantageously, the present invention also allows
users to access financing rate sheets which provide
users with lease, retail (loan) and balloon rates
currently in effect along with archives of previous
rates. The program rates functions selected from
function list 22 are described with reference to
Figures 14-16 in which Figure 14 is a flow chart
showing the lease programs function, Figure 15 is an
example of a lease program summary display screen and
Figure 16 is an example of a display screen of lease
program details. It should be noted that, although
the described example refers to lease program, similar
interactivity and display screens are used for the
retail rate function.
Referring to Figure 14, a user selecting the
lease program function from function list 22 initiates
a process in which information processor 6 retrieves
current lease program summary data from database 10
(step S180) which is transmitted to user terminal 4
and displayed (step 5182).
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Figure 15 shows current lease summary display
screen 82. Current lease summary display screen 82
includes lease program search area 84, current lease
program summary area 86 and historical lease program
button 88. Lease program search area 84 allows a user
to search for current and historical lease program
data by completing appropriate fields and selecting
search criteria in a manner similar to the search
functions described above.
Current lease program summary area 86 is
comprised of current lease program summary data. The
current lease program summary data identifies those
lease programs which are available to the user. For
example, as shown in Figure 15, current lease program
summary area 86 includes the lease program title, a
program identification number, the start and end dates
of the program, and the date by which financing must
be funded.
Historical lease programs button 88 provides a
user with archival lease program data corresponding to
programs which have ended. This allows the user to
view lease and financing trends, better enabling the
user to market leases and lease programs to
prospective customers.
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Referring again to Figure 14, a user who wants to
view detailed lease program information (step S184)
selects the desired lease program from current lease
summary program area 86 (step 5186). The request is
sent to information processor 6 which retrieves the
current lease program detail data from database 10 and
transmits the data to user terminal 4 for display
(step 5188). The data is preferably formatted into a
table for easy viewing either by information processor
6 via appropriate HTML instructions or formatted by a
java or Active-X program on user terminal 4.
As shown in Figure 16, current detailed lease
program display 90 provides user with a clear display
of current lease program detailed data which
identifies lease programs and their corresponding
rates currently available to the user to offer
prospective customers. Current detailed lease program
display 90 includes lease term data, manufacturer's
suggested retail price (sticker price) data, the
selling price corresponding to the lease, and the
acquisition fee. In addition, it is contemplated that
detailed rate information can be provided for a number
of different models simultaneously for a given
manufacturer.
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As discussed above, a user can search for a
particular lease program (step 5198). The search
results are displayed on user terminal 4 in current
lease program summary area 86 (step 5200).
A user wishing to view historical lease program
data (step 5190) selects historical lease programs
button 88 as shown on Figure 15 or a similar button on
current detailed lease program display screen 90 (not
shown). Information processor 6 receives this
request, retrieves historical lease program data from
database 10, and transmits the data to user terminal 4
for display (step 5192). The archival lease program
data includes term and rate information for various
products. It is further contemplated that the program
archive database can be searched using an appropriate
search tool and search entry areas.
It should be noted that detailed program sheet
selection (step 184), display archive of lease
programs (step 190) and search for lease program (step
194) can be performed in any order.
Further, it is contemplated that the use of a
multi-dimensional database and web browser access
provides the user with the ability to customize their
queries and reports, save these reports for future use
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and "publishing" to other users. This allows, for
example, a user associated with one vendor to create
queries and make these queries available to other
users affiliated with the same vendor. For example,
referring to Figure 13, it is contemplated that the
user can be presented with a template corresponding to
available database fields relating to prospect report
data. Using known software applications, the user can
arrange the template to provide the precise fields and
arrangement desired. For example, financFd product
information area 68 might include additional
information related to the vehicle, for example, the
miles on the lease, recent known mileage, if and when
the vehicle was in for service, and the like.
Detailed prospect account information area 70 might be
placed on a different spot on detailed prospect
display screen 64 and might be arranged to include
additional account information, such as the original
salesperson, contact date, etc. In sum, any
information which the user deems appropriate can be
used.
Further, it is contemplated that any display
screen whether detailed or a summary screen can be
customized by a user and made available to other
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users.
The present invention provides a comprehensive
method and system which allows a user representing a
vendor to determine contract status, request summary
and detailed reports regarding the vendor's reserve
account and prospective customers, access and view
financing program data, along with other functions
which allow a vendor to minimize costs associated with
financing activities while simultaneously allowing the
vendor to generate and maximize financing-related
revenue.
The present invention preferably provides these
functions through the use of a web browser. The web
browser display data, in combination with~Java applets
and control programs Active-X controls, are
transmitted to the user terminal by the information
processor, thereby obviating the need for the user
terminal to be equipped with special software or
hardware. In addition, the use of a multidimensional
database analyzed using OLAP tools provides
flexibility and the ability to quickly access and
format data to accommodate the user's inquiries.
Although the present invention has been described
in relation to particular embodiments thereof, many
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other variations and modifications and other uses will
become apparent to those skilled in the art. It is
preferred, therefore, that the present invention be
limited not by the specific disclosure herein, but
only by the appended claims.
