a2) United States Patent
`US 7,539,628 B2
`(10) Patent No.:
`May26, 2009
`(45) Date of Patent:
`Bennett et al.
`
`
`US007539628B2
`
`(54) ONLINE PURCHASING SYSTEM
`SUPPORTING BUYER AFFORDABILITY
`SCREENING
`
`(76)
`
`Inventors: James D. Bennett, 380 Myrtle St.,
`Laguna Beach, CA (US) 92651;
`Christopher C. Winslade, 2135 N.
`Clifton Ave., Chicago, IL (US) 60614
`Subject to anydisclaimer,the term ofthis
`:
`.
`patent is extended or adjusted under 35
`USC. 154(b) by 310 days.
`
`(*) Notice:
`
`(21) Appl. No.: 09/808,717
`
`(22)
`
`Filed:
`
`Mar. 14, 2001
`
`(65)
`
`Prior Publication Data
`US 2001/0047307 Al
`Nov. 29, 2001
`
`Related U.S. Application Data
`oo.
`..
`(60) Provisional application No. 60/214,136, filed on Jun.
`26, 2000, provisional application No. 60/214,183,
`ieoe ; provisional application No.
`840,
`Med on
`Wan
`£5
`,
`
`(51)
`
`Int. Cl.
`(2006.01)
`G06Q 40/00
`(2006.01)
`G06K 15/00
`(2006.01)
`GO06F 7/00
`705/26: 705/38: 235/376:
`50) US.Cl
`(52) TI ree ?
`[09s 3:7383
`(58) Field ofClassification Search... 705/26,
`oo 705/27, 38, 35, 37; 235/375, 383. 385
`See applicationfile for complete searchhistory.
`References Cited
`
`(56)
`
`U.S. PATENT DOCUMENTS
`5,339,392 A *
`8/1994 Risbergetal. oc... 715/762
`5.732,400 A *
`3/1998 Mandleretal. we. 795/26
`5.797.133 A *
`705/38
`$/1998 Joneset al.
`
`8/1999 Norris wo. eee 705/38
`5,940,811 A *
`5.984,180 A * 11/1999 Albrecht ........ 235/380
`
`1/2000 Cunningham ................ 705/38
`6,014,645 A *
`.............. 705/40
`4/2000 Zervides et al.
`6,052,674 A *
`
`4/2000 Wreneee 705/36 R
`6,055,514 A *
`7/2000 Walkeretal. ....... ce. 705/38
`6,088,686 A *
`6,144,948 A * 11/2000 Walker etal. occ 705/38
`6,208,979 BL*
`3/2001 Sinclair ween 705/38
`6,233,566 B1*
`5/2001 Levineetal.
`..
`. 705/37
`6,236,975 BL*
`5/2001 Boeetal.
`......
`w 705/7
`6,311,169 B2* 10/2001 Duhon..........
`we 705/38
`6,385,594 BL*
`5/2002 Lebdaetal. ....... 705/38
`»
`5
`6,405,181 B2
`6/2002 Lent et al.
`bee ceseeeseeeeceeeees 705/38
`6,453,306 BL*
`9/2002 Quelene oo... eee 705/80
`
`
`
`.
`(Continued)
`Primary Examiner—Andrew Joseph Rudy
`(74) Attorney, Agent, or Firn—McAndrews, Held & Malloy,
`Ltd.
`
`(57)
`
`ABSTRACT
`
`Anonline systemuses, in various embodimentsofthe inven-
`tion, credit report information, loan affordability screening
`and credit approval and management functionality to facili-
`:
`:
`tate the purchase andfinance of products online. The online
`:
`system may include both sellers of products and lendersthat
`.
`:
`offer financing to buyers seeking to purchase the products.
`:
`.
`;
`:
`The system may automatically obtain a buyer’s credit report
`information andusethat informationto determine ifthe buyer
`is pre-approved, for example, to obtain financing for a
`par-
`ticular product or products, The system also enables use of
`buyercredit information to identify only those ofa seller’s
`products for whichthe buyer is pre-approved, for example, to
`finance using one or more loans. The system then enables
`selection of an identified product or products for purchase,
`and selection of a loan, for example, for financing ofthe
`selecied product OFproducts. Credit approva: (or oeih
`Preval) may be performed
`automatically, and
`along with
`credit processing, may be performed completely online.
`
`30 Claims, 19 Drawing Sheets
`
`
`
`
`Client
`
` Loan Affordability Computing
`
`Origination Computing System 710
`
`Computer 730
`System 750
`
`
`
`Origination S/W 714
`Browser/
`
`
`Affordability $/W 754
`User
`Origination I/F 712
`Processing Engine 752.
`I/F 732
`Remote Loan Application Entry 713
`
`Profile Parameters A 753
`
`Local Loan Application Entry 714
`Profile Parameters B 754
`ooo
`
`Processing Engine 715.
`Profile Parameters 716
`
`Portfolio Manager 717
`
`Internet
`799
`
`Remote Parameter Delivery 718
`
`Rating System Engine 722
`Sales Category Consideration 724
`Requested Format Consideration 726,
`
`\
` Credit Reporting Service 720
`
`Profile Parameters N 755.
`Remote Parameter Retrieval 756
`Origination I/F 757
`Credit Rating System I/F 758)
`
`Web Sales Site 760
`Affordability
`I/F S/W 762
`Pricing System Integration 764
`Purchase Completion
`Integration 766,
`
`PROVI-1028 - Page 1
`
`PROVI-1028 - Page 1
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`

`

`US 7,539,628 B2
`
`Page 2
`
`U.S. PATENT DOCUMENTS
`/
`/
`3/2003 Pagliuca «2... 600/102
`6,530,880 B2*
`
`8/2003 Lebda et al.
`» 705/38
`6,611,816 B2*
`
`6,658,393 B1* 12/2003 Baschet al.
`» 705/38
`.....
`- 705/26
`6,084,196 B1™ 1/2004 Minietal.
`
`8/2004 Mandler etal.
`. 705/39
`6.785,661 Bl *
`+ 705/26
`6,895,388 B1*
`5/2005 Smith ......
`6,898,570 BL*
`5/2005 Tedesco et al
`vee 705/14
`6,950,807 B2*
`9/2005 Brock .....
`w+ 705/38
`6,957,192 B1* 10/2005 Peth ..
`705/38
`6,988,085 B2*
`1/2006 Hedy occ
`eeeeeeeeee 705/51
`
`
`
`7,047,219 B1*
`5/2006 Martin et al... 705/37
`
`7,069,234 BI1*
`6/2006 Cornelius etal.
`.
`-. 705/26
`7,096,354 B2*
`8/2006 Wheelerct al.
`...
`. 713/155
`. 709/250
`7,133,935 B2* 11/2006 Hedy wu.
`
`7,143,063 B2* 11/2006 Lentetal. .........
`we 705/38
`2/2007 DeFrancescoet al.
`......... 705/38
`7,181,427 B1*
`3/2007 Tammaro.......
`705/38
`7,194,436 B2*
`7,249,097 B2*
`7/2007 Hutchisonet al
`705/39
`7,310,617 B1* 12/2007 Cunningham..
`705/38
`7,376,603 B1*
`5/2008 Mayretal. occ 705/35
`
`
`
`* cited by examiner
`
`PROVI-1028 - Page 2
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`U.S. Patent
`
`May 26, 2009
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`Sheet 1 of 19
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`US7,539,628 B2
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`PROVI-1028 - Page 3
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`U.S. Patent
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`May 26, 2009
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`Sheet 2 of 19
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`U.S. Patent
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`May 26, 2009
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`Sheet 3 of 19
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`U.S. Patent
`
`May 26, 2009
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`Sheet 4 of 19
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`U.S. Patent
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`May 26, 2009
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`Sheet 5 of 19
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`U.S. Patent
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`May 26, 2009
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`Sheet 6 of 19
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`US7,539,628 B2
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`U.S. Patent
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`May 26, 2009
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`Sheet 7 of 19
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`US7,539,628 B2
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`US7,539,628 B2
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`U.S. Patent
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`May 26, 2009
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`Sheet 8 of 19
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`U.S. Patent
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`May 26, 2009
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`Sheet 9 of 19
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`US7,539,628 B2
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`U.S. Patent
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`May 26
`
`, 2009
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`Sheet 10 of 19
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`US7,539,628 B2
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`PROVI-1028 - Page 12
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`
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`
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`
`
`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet 11 of 19
`
`US7,539,628 B2
`
`1»JapdO/4fINU{SuoD
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`PROVI-1028 - Page 13
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`PROVI-1028 - Page 13
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`
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`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet 12 of 19
`
`US 7,539,628 B2
`
`
`
`.
`
`esires
`
`
`
`
`
`Provide For Buyer Selection &
`/ or Qualification
`Functionality 1211
`
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`
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`Desires
`ee
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`Selection
`Qualification
`
`
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`Screening
`1213
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`
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`Collect Credit
`
`Interaction With Goodsor
`Information
`
`
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`Services, ie., Screening
`1221
`
`
`1241
`
`
`
`
`
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`Non-
`
`Financial||Transaction Perform Qual
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`
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`Analysis
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`1243
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`ierre
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`pside
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`
`1227
`Fig. 12
`
`
`
`PROVI-1028 - Page 14
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`PROVI-1028 - Page 14
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`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet 13 of 19
`
`US 7,539,628 B2
`
`
`
`
`
`
`
`
`
`
`
`Interact via Browser on Buyer's
`/Seller's / Lender's Computer
`to Select a Qualifying Good or
`Service for a Buyer
`1301
`
`Prompt to Complete the
`Transaction
`
`
`
`Deliver Reference
`Complete Sales
`Number & Store In
`
`Transaction
`
`BuyerProfile
`
`1307
`1309
`
`
`
`Fig. 13
`
`PROVI-1028 - Page 15
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`PROVI-1028 - Page 15
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`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet14 of 19
`
`US 7,539,628 B2
`
`
`
`
`
`
`Receive Buyer Reference
`
`Number From Seller's Browser
`1401
`
`
`
`
`
`
`Transaction Completion With
`or Without Modification
`1405
`
`Upon Request, Deliver Qual.,
`Good / Service Selection,
`Pricing Information To Seller
`1403
`
`
` Permit Seller Assisted
`
`Fig. 14
`
`PROVI-1028 - Page 16
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`PROVI-1028 - Page 16
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`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet 15 of 19
`
`US 7,539,628 B2
`
` Start
`
`Number From Lender's
`Browser
`1501
`
` Receive Buyer Reference
`
`
`
`
`
`Upon Request Deliver Qual.,
`
`Good / Service,Pricing Info
`
`1503
`
`
`
`
`
`Permit Lender Assisted
`Qualification and Transaction
`
`Completion With or Without
`Modification
`1505
`
`
`
`Fig. 15
`
`PROVI-1028 - Page 17
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`PROVI-1028 - Page 17
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`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet16 of 19
`
`US 7,539,628 B2
`
`
`Get Stored
`Reference Number
`1601
`
`
`No
`
`Yes
`
`
`
`
`Periodic
`Timeout ?
`
`1603
`
`
`Send Email Reminder / Offer (If
`Selected, Verify Qual., Status,
`
`Availability of Goods / Service,
`
`Pricing). Selectively Send Upsell
`
`or Downsell Opportunities Where
`
`Appropriate
`1605
`
`
`
`Fig. 16
`
`PROVI-1028 - Page 18
`
`PROVI-1028 - Page 18
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`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet 17 of 19
`
`US 7,539,628 B2
`
`
`Receive Special Offer
`Instructions
`
`
`
`1701
`
`
`
`Perform Profile Search for
`Candidates
`
`1703
`
`1705
`
`Send Email Offer
`
`Fig. 17
`
`PROVI-1028 - Page 19
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`PROVI-1028 - Page 19
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`

`

`U.S. Patent
`
`May26, 2009
`
`Sheet 18 of 19
`
`US7,539,628 B2
`
`
`
`
`
`Identify Best Loan Offerings
`
`
`For Each Good Including Points
`
`
`Allocation For Online
`
`
`Origination
`
`
`1801
`
`
`
`
`
` Display Lenders
`
`Branding Info
`
`1803 Display with Sorting,e.9.,
`
`
`
`
`
`
`
`
`based on Total Cost of
`Ownership, Interest Rate,
`Required Downpayment,
`Minimum and Maximum
`Number of Months, etc.
`1805
`
` Plot Curves, e.g., Interest vs
`Loan Amount for composite
`best lenders
`1807
`
`
`
`Fig. 18
`
`PROVI-1028 - Page 20
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`PROVI-1028 - Page 20
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`

`

`U.S. Patent
`
`May 26, 2009
`
`Sheet 19 of 19
`
`US 7,539,628 B2
`
`Exchange Seller /
`Lender / Buyer
`Information or Forms
`as Necessary to
`Complete The
`Transaction
`
`
`
`
`
`
`
`
`
`
`
`1901
`
`
`Offer EFT Services
`and Potential Discount
`1903
`
`
`
`
`
`Establish EFT Pathway
`and Payment Schedule
`via Buyer Interaction
`1907
`
`Fig. 19
`
`PROVI-1028 - Page 21
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`PROVI-1028 - Page 21
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`

`

`US 7,539,628 B2
`
`1
`ONLINE PURCHASING SYSTEM
`SUPPORTING BUYER AFFORDABILITY
`SCREENING
`
`CROSS-REFERENCE TO RELATED
`APPLICATIONS
`
`The present application makes reference to, and claims
`priority to and the benefit of, U.S. provisional application Ser.
`No. 60/190,825 filed Mar. 21, 2000, Ser. No. 60/214.183 filed
`Jun. 26, 2000, and Ser. No. 60/214,136 filed Jun. 26, 2000.
`
`INCORPORATION BY REFERENCE
`
`US. provisional application Ser. No. 60/190,825filed Mar.
`21, 2000, Ser. No. 60/214,183 filed Jun. 26, 2000, Ser. No.
`60/214,136 filed Jun. 26, 2000, Ser. No. 60/213,912 filed Jun.
`26, 2000, and Ser. No. 60/214,188 filed Jun. 26, 2000 areall
`hereby incorporated by reference herein in their entirety.
`
`STATEMENT REGARDING FEDERALLY
`SPONSORED RESEARCH
`
`N/A
`
`1. Technical Field
`
`BACKGROUND
`
`20
`
`25
`
`The present invention relates generally to an online pur-
`chasing system; and, moreparticularly, it relates to an online
`affordability-based purchasing system that is operable to per-
`form screening, filtering, and analysis for purchases and
`potential purchases amongvarious lenders andsellers of good
`(s) and/orservice(s).
`2. Related Art
`
`Conventional loan approval methods are time-consuming
`and often involve a considerable amount of wasted effort on
`
`the part ofbuyers, sellers and lenders alike. Typically, when a
`buyerdesires to finance a purchase, the buyerinitially spends
`a significant amount of time researching and analyzing vari-
`ous products, often with the assistance ofa seller, before
`selecting a desired product. The buyer then typically spends
`additional time researching and analyzing various loans of
`one or more lenders, again often with the assistance ofaseller,
`before selecting a desired loan. The buyer provides the lender
`or seller with extensive personalfinancial information, which
`the lenderor seller uses to calculate whether or not the buyer
`is qualified to finance the selected product with the selected
`loan.
`
`40
`
`45
`
`If the buyer is not qualified, as is often the case, the buyer
`must select a different product, a different loan, or both,
`requiring that the entire time-consumingprocess be repeated.
`In many cases, the buyer and the lender or seller undertake
`several
`iterations of the process before achieving loan
`approval.
`In addition, once loan approval is finally achieved using
`conventional methods, the seller is not able to upsell without
`having to start over. In other words, if a seller desires to sell
`upgradesfor a selected product or a more expensive product,
`the buyer and seller must again undertake the entire time-
`consuming, loan approval process before knowing whether
`the buyer qualifies to finance the upgrades or the more expen-
`sive product.
`Conventional loan approval methodsare alsorigid, requir-
`ing that the same steps be performed regardless of the type of
`product the buyer seeks to finance. Such methods do not
`permit the seller or lender to modify loan approval process-
`
`2
`ing, or performdifferent processing altogether, depending on
`the type of product sought to be financed.
`Obtaining loan approval using conventional methods is
`also very labor-intensive. This is particularly truein situations
`where the seller is assisting the buyer in the loan approval
`process without lender involvement. Ordinarily in suchsitu-
`ations, sellers associate with one or more lenders, and obtain
`loan parameters from each lender. The seller uses these
`parameters in calculating, often manually using an adding
`machineor calculator, to determine whetheror not the buyer
`qualifies for a particular loan. Lenders modify their param-
`eters regularly, forcing the seller to keep track of all modifi-
`cations. In some instances, a seller approves a buyer for a
`particular loan, only to find outlater that the parameters used
`for approval are no longervalid. The seller must then recal-
`culate whether or not the buyer is approved using modified
`parameters, and ifnot, select a different lender and/or loan, or
`havethe buyerselect a different productentirely, to ultimately
`achieve loan approval. The process is time-consuming, and
`often frustrating for both the seller and the buyer.
`Also, in such situations where a seller is assisting a buyer in
`the loan approval process without lender involvement, the
`buyer is often unknowingly placed in an adverse financial
`position relative to the seller. Specifically, a seller typically
`receives a percentageof the financial amount(1.e., points) for
`originating a loan with a lender. As mentioned above,a seller
`usually associates with multiple lenders, and will attempt to
`“sell” to the buyer a loan that provides the seller with the
`greatest amountof points, regardless of whetherthe interest
`rate or other parameters of the loan are the best available to the
`buyer. Conventional loan approval methods do not provide
`financial incentive to theseller to identify and present loans
`most favorable to the buyer.
`Conventional online loan platformsalso suffer from simi-
`lar problems. For example, such platformstypically provide a
`buyer with a credit application that, upon completion and
`submission by the buyer, is forwarded to a lenderor lenders.
`The application is not processed in real time, but instead is
`placed in queue where it is eventually processed by a loan
`officer, often several hours to several days later. The buyer
`must wait for a response from each lender, and is not permit-
`ted to ascertain the effect that varying loan parameters may
`have on the amountthe buyeris qualified to finance. Ifa buyer
`desires to modify the down payment amountor the loan term,
`the buyer muststart all over again by completing and submit-
`ting another application. The delay inherent in such online
`platforms often causes buyers to simply walk away from the
`purchase.
`Eventhose conventional online loan platforms that claim
`to offer “automated loan processing”still typically only pro-
`vide a buyer with means for automated data entry. These
`platformsstill typically require participationbya loan officer,
`andstill take several hours to several days for loan approval.
`Further limitations and disadvantages of conventional and
`traditional systems will becomeapparentto one of skill in the
`art through comparison of such systems with the present
`inventionas set forth in the remainderof the present applica-
`tion with reference to the drawings.
`
`SUMMARY OF THE INVENTION
`
`Aspects of the present invention may be found in an online
`affordability-based purchasing system that comprisesa first
`web server used by an individual, such as a buyer, seller or
`lender, for example,
`to review, via a computer running
`browser software, product information regarding products
`being offered online. Thefirst web server may be that used by
`
`PROVI-1028 - Page 22
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`

`

`US 7,539,628 B2
`
`3
`a single seller’s sales site or by a single lender’s system, or
`may be that of a third party multi-seller sales system or
`multi-lender system, for example. The computer enables the
`individual to enter personal information about a buyer, and
`upon request, to obtain credit report information, using all or
`a portion of the personal information, from a second web
`server, such as that of a credit reporting agency, for example.
`The credit report information, or some portion ofit, is then
`used to determineat least the likelihood of the buyer being
`approved for financing of at least one of the products being
`offered online.
`
`In one embodiment, the individual enters the buyer’s per-
`sonal information and makes the request via a web page (or
`pages) interface that is delivered by thefirst web server, or a
`third web server,to the computer. The third web server may be
`that of a third party affordability portal, for example. A soft-
`ware engine, which may be associated with any one of the
`web servers or the computer, determinesat least the likeli-
`hood of the buyer being approved for financing. The com-
`puter may thendisplay anindicationto the individual of such
`likelihood.
`
`4
`FIG. 8 is a system diagram illustrating a still further
`embodiment of the online, affordability-based purchasing
`system of FIG. 1.
`FIG. 9 is a system diagramillustrating another embodi-
`mentof the online, affordability-based purchasing system of
`FIG.1 that utilizes an affordability portal.
`FIG. 10 is a functional block diagram illustrating one
`embodiment of online, affordability-based filtering per-
`formed in accordance with the present invention.
`FIG. 11 is a functional block diagram illustrating another
`embodiment of online, affordability-based filtering per-
`formed in accordance with the present invention.
`FIG. 12 is a flow diagram thatillustrates a buyer’s exem-
`plary action with the present invention.
`FIG.13 is a flow diagram illustrating a buyer’s interaction
`via a web browser with a web server that performs online,
`affordability-based purchasing wherein a buyer’s profile is
`created to extend the purchasingtransaction through multiple
`sessions.
`
`FIG. 14 is a flow diagramthatillustrates further function-
`ality of the online, affordability-based purchasing system of
`the present invention, wherein the purchasing (or leasing)
`In one embodiment, the indication is a notification of pre-
`transaction occurs through multiple sessions involving not
`approval or approval with regard to at least one financing
`only a buyer, but alsoaseller.
`vehicle (which may be, for example, a loan, revolving credit,
`FIG. 15 is a flow diagram thatillustrates further function-
`lease, etc.). In an embodiment where the software engine is
`ality of the online, affordability-based purchasing system of
`associated with one ofthe web servers, the indication may be
`the present invention wherein a buyer may use a lender’s
`delivered to the computer via a web page or pages. The
`online, telephonic or in-person assistance in closing a trans-
`computer may then respondto input via the web pageor pages
`action that spans multiple buyer’s, seller’s, and lender’s ses-
`to initiate purchase of one or more of the products using
`sions.
`financing. For example, the individual can select a desired
`financing vehicle, andinitiate purchase of a productusing the
`selected financing vehicle.
`Other aspects, advantages and novelfeatures ofthe present
`invention will become apparent from the following detailed
`description of the invention when considered in conjunction
`with the accompanying drawings.
`
`
`
`BRIEF DESCRIPTION OF THE DRAWINGS
`
`
`
`A better understanding of the present invention can be
`obtained whenthe following detailed description of various
`exemplary embodiments are considered in conjunction with
`the following drawings.
`FIG, 1 is a system diagramillustrating an online, afford-
`ability-based purchasing system in accordance with the
`present invention.
`FIG,2 is a flow diagram illustrating exemplary operational
`flow of the online, affordability-based purchasing system of
`FIG. 1.
`
`FIG,3 is a functional diagram illustrating the interaction of
`various components of the online, affordability-based pur-
`chasing system of FIGS. 1 and 2.
`FIG, 4 is a system diagram illustrating another embodi-
`mentofthe online, affordability-based purchasing system of
`FIG. 1.
`
`FIG, 5 is a system diagram illustrating a further embodi-
`mentofthe online, affordability-based purchasing system of
`FIG. 1,
`
`FIG.6is a system diagramillustrating an embodiment ofa
`oan origination and acquisition system in accordance with
`the present invention, which may be a stand alone system or
`incorporated into the online, affordability-based purchasing
`system ofthe present invention.
`FIG,7 is a systemdiagramillustrating yet another embodi-
`ment ofthe online affordability-based purchasing system of
`FIG.1.
`
`
`
`FIG. 16 is a flow diagram that illustrates various aspects of
`sales persistence of the online, affordability-based purchas-
`ing systemof the present invention.
`FIG.17is a flow diagram ofthe online, aftordability-based
`purchasing, system, wherein a seller or a lender may identify
`buyers having pending underlying transactions involving, or
`who have showninterest in, the goods, services, or financing
`of the lenderor seller.
`
`40
`
`45
`
`FIG.18 is flow diagram illustrating the functionality ofthe
`online, affordability-based purchasing system of the present
`invention with reference to the selection of one of a plurality
`of loan offerings for a given goodorservice selected.
`FIG. 19 is a flow diagram that illustrates one way that the
`costs of financing may be reducedin the online, affordability-
`based purchasing system of the present invention.
`
`DETAILED DESCRIPTION OF THE INVENTION
`
`T'IG. 1 is a system diagram illustrating an online, afford-
`ability-based purchasing system 110 in accordance with the
`present invention. The online affordability-based purchasing
`system 110 enables a buyer to peruse a numberofavailable
`good(s) and/or service(s) (“product(s)’’) to determine which
`of the products the buyer would like to purchase. Within the
`context ofthe detailed description of the invention contained
`herein, reference to a buyeralso includesa potential buyer, as
`well as a buyer/potential buyer whois invoking the system to
`determine the availability of products for purchase or poten-
`tial purchase. The online,affordability-based purchasing sys-
`tem 110 also enables a buyer to obtain financing for those
`products the buyer desires to purchase on credit. Within the
`context of the detailed descriptionof the invention contained
`herein, reference to a loan, financing or credit also includes
`lease.
`
`The online, affordability-based purchasing system 110
`may include, among other components, a buyer interface(I/F)
`120 that is operative to enable a buyer to interface with a
`
`PROVI-1028 - Page 23
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`

`

`US 7,539,628 B2
`
`5
`lender 1 160 and a seller 1 170. The lender 1 160 contains a
`numberof loan profiles illustrated by, for example, a loan
`profile A 162, a loan profile B 164, and a loan profile N 169.
`In addition, multiple lenders are included within the scope
`and spirit of the invention as illustrated in the FIG. 1, each
`containing a numberof loan profiles in similar fashion to the
`lender 1 160. The buyer interface (I/F) 120 is operable to
`interface with each of these lenders as well.
`Similarly, the seller 1 170 offers a number of good(s)
`and/or service(s) illustrated by, for example, a good(s) and/or
`service(s) A 172, a good(s) and/or service(s) B 174, and a
`good(s) and/orservice(s) N 179. In addition, multiple sellers
`are included within the scope and spirit of the invention as
`illustrated in the FIG. 1, each containing a numberof good(s)
`and/or service(s) in similar fashion to the seller 1 170. The
`buyerinterface (I/F) 120 is operableto interface with each of
`these sellers as well.
`The online, atfordability-based purchasing system 110
`includes, for example, a selection screening component 130,
`a credit analysis engine 140 and loanaffordability filtering
`component 150. The selection screening component 130
`enables a buyer to select desired products for analysis or
`purchase as well select desired loans. A buyer, via the buyer
`interface (IF) 120, provides buyer information to the credit
`analysis engine 140. The credit analysis engine 140 uses the
`buyer information, loan profile or parameter information of
`one or more lenders, and buyer credit information to deter-
`minethe specific product(s) the buyer can afford to finance.
`The loan affordability filtering screening component 150 then
`indicates to the buyer those specific product(s) and the spe-
`cific loan(s) that can be used to finance those product(s).
`The loan profile or parameter information used by the
`credit analysis engine 140 may or may not require that the
`specific product(s) of interest and/or the seller(s) of those
`product(s) be considered in affordability calculations. For
`example, for loans that apply to all product(s) and seller(s),
`the credit analysis engine 140 simply calculates a maximum
`loan amountthat the buyer can afford for each particular loan
`of each lender, without considering the specific product(s) of
`interest and/or the seller(s) of those product(s). The calcu-
`lated maximum loan amountfor each loan is then beat against
`the products of interest, and the specific product(s) that the
`buyer can afford to finance are identified or selected. The
`identified product(s), and the loan(s) applicable to each, are
`then displayed.
`Some loan profiles may, however, require that the product
`(s) and/orthe seller(s) be considered. In other words, a loan
`may onlyapply to a particular product, to a particular model
`of a product and/or to a particular seller. For example, in the
`case where the product ofinterest is an automobile or other
`vehicle, a lender may only offer a certain interestrate (e.g.,
`2.9%)
`for a specific manufacturer’s model
`(e.g., Ford
`Explorer). Alternatively, a lender may only offer loans for
`specific manufacturer’ s products, because, for example, those
`products typically have a higherresidualor resale value. Or a
`ender may only finance a certain type of product, such