DATA PROCESSING METHOD AND APPARATUS FOR MITIGATING RISK IN FINANCING PURCHASES OF GOODS INCLUDING BUT NOT LIMITED TO AUTOMOBILES
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United States of America Patent
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Issued Date -
Sep 27, 2007
app pub date -
Mar 2, 2007
filing date -
Mar 9, 2006
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Abstract
An electronic data processing risk mitigation clearinghouse can assure a lender that a given independent dealer transaction will be handled in a regular, orderly way and that the lender's dealer risk is mitigated. The lender can be assured that loans will not originate from unduly risky dealers, and that liens or other security interests in vehicle or other goods will be perfected in a timely and efficient manner. Dealers, including independent dealers without existing relationships with full credit spectrum of lenders, can now offer their customers a range of financing options not previously available. Consumers who decide to purchase through independent dealers based on convenience, inventory or other reasons can choose from a wider range of different financing options. Consumers may receive more competitive interest rates, better loan terms or other benefits as a result.
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