Computer System for Financing Ownership of a Vehicle

Abstract

A computer system for financing ownership of a vehicle is disclosed. The computer system includes a computer application for implementing the following steps on a computer: calculating an amount financed of a RIC or loan for financing the purchase and ownership of a first vehicle at or before inception of the purchase; at or before inception of the purchase, determining a first payment amount for each of a plurality of first payments to occur before a decision point and a second payment amount for each of a plurality of second payments to occur after the decision point, the first payment amount being a predetermined percent lower than the second payment amount; and prompting contact of the customer based on the decision point to promote trade-in of the first vehicle.

1 . A computer system for financing ownership of a vehicle and comprising a computer having a computer application for implementing the following steps on the computer:
 calculating an amount financed of a RIC or loan for financing the purchase and ownership of a vehicle at or before inception of the purchase of the vehicle;   at or before inception of the purchase of the vehicle, determining a first payment amount for each of a plurality of first payments to occur before a decision point and a second payment amount for each of a plurality of second payments to occur after the decision point, the first payment amount being a predetermined percent lower than the second payment amount; and   prompting contact of the customer based on the decision point to promote trade-in of the vehicle, the customer avoids one or more of the plurality of second payments and the step of receiving repayment is discontinued prior to the expiration of the RIC or loan by the customer relinquishing ownership of the vehicle.   
     
     
         2 . A computer-implemented method for financing ownership of a vehicle by a customer, the method comprising:
 financing the purchase and ownership of a vehicle by a customer with a RIC or loan of an amount financed at or before inception of the purchase of the first vehicle;   at or before inception of the purchase of the vehicle, determining a first payment amount for each of a plurality of first payments to occur before a decision point and a second payment amount for each of a plurality of second payments to occur after the decision point, the first payment amount being a predetermined percent lower than the second payment amount;   storing the decision point in a computer database;   accessing the computer database to identify if the RIC or loan is near the decision point;   if the RIC or loan is near the decision point, contacting the customer based on the decision point to promote trade-in of the vehicle, the customer avoids one or more of the plurality of second payments and the step of receiving repayment is discontinued prior to the expiration of the RIC or loan by the customer relinquishing ownership of the vehicle.   
     
     
         3 . The computer-implemented method of  claim 2 , wherein the contacting step is carried out via e-mail. 
     
     
         4 . The computer-implemented method of  claim 3 , further comprising storing RIC or loan information associated with the RIC or loan for the vehicle in the computer database for use during the contacting step.