Dealer-located vehicle refinance system and method
OwnerDavid Donarski, Thomas Wirthinventors
Life of this patent
Estimating the term…
Abstract
A system and method relates to refinancing a vehicle at a vehicle dealer location. The method can include obtaining vehicle information at a dealer location for a vehicle that is financed to an owner with a first loan, providing a promissory note and security agreement for a second loan on the vehicle at the dealer location, obtaining a proof of payoff at the dealer location for the first loan, and completing a title application at the dealer location where the title application includes a financial institution as a lien holder on the second loan.
Claims18
A method for refinancing a vehicle at a vehicle dealer location, the method comprising:
- obtaining vehicle information at a dealer location for a vehicle that is financed to an owner with a first loan;
- providing a promissory note and security agreement for a second loan on the vehicle at the dealer location;
- obtaining a proof of payoff at the dealer location for the first loan;
- and
- completing a title application at the dealer location where the title application includes a financial institution as a lien holder on the second loan.
A system for refinancing a vehicle at a vehicle dealer location, the system comprising:
- a computer user interface for entering owner information and vehicle information for a vehicle that is financed to an owner with a first loan, wherein the computer user interface is presented on a dealer computer located at a dealer location;
- a communication interface that facilitates communication between the dealer computer and a financial institution, wherein the financial institution communicates approval for a refinancing operation for the vehicle;
- and
- a processor that executes instructions on the dealer computer to carry out the refinancing operation at the dealer location, wherein the financial institution becomes a lien holder on a second loan for the vehicle.
A method of refinancing a vehicle loan at a dealer location, the method comprising:
- providing a financial institution with a proposed loan term, customer credit information, and vehicle information from a dealer location for a refinance transaction for a vehicle;
- providing a promissory note and a security agreement at the dealer location;
- receiving approval of the refinance transaction for the vehicle from the financial institution at the dealer location;
- and
- communicating the executed promissory note and security agreement to the financial institution.
Dependencies are inferred from the claim text.