SYSTEM AND METHOD FOR INTEGRATED CREDIT APPLICATION AND TAX REFUND ESTIMATION
Systems and methods for handling multiple aspects of the acquisition of products and/or services, such as vehicles, are provided in a unified and streamlined fashion. Through an integrated credit application and tax refund estimation service application/systems, credit application-related data and non-overlapping tax-related data is captured. A tax refund is estimated based upon the tax-related data and at least a portion of the credit application-related data. Upon a determination to utilize at least a portion of the estimated tax refund as at least a portion of a down payment on a loan, at least a portion of the estimated tax refund is incorporated into a deal structure of the loan, and a credit application including the deal structure and at least the credit application-related data is submitted for a decision.
1 . A method, comprising:
capturing credit application-related data;
capturing tax-related data, wherein the tax-related data and the credit application-related data are non-overlapping;
estimating a tax refund based upon the tax-related data and at least a portion of the credit application-related data;
upon a determination to utilize at least a portion of the estimated tax refund as one of at least a portion of a down payment on a loan and at least a portion of a payment, incorporating the at least a portion of the estimated tax refund into a deal structure of one of the loan and the payment, respectively; and
submitting a credit application including the deal structure and at least the credit application-related data for decision.
2 . The method of claim 1 , wherein the capturing of the credit application-related data and the tax-related data, the estimating of the tax refund, the incorporating of the at least a portion of the estimated tax refund, and the submitting of the credit application is performed by a single integrated credit application and tax refund estimation service system.
3 . The method of claim 2 , wherein the integrated credit application and tax refund estimation service system comprises at least one of a financing and credit service, and a tax preparation and estimation service.
4 . The method of claim 1 , further comprising e-filing a corresponding tax return to the Internal Revenue Service.
5 . The method of claim 1 , further comprising, upon a determination not to utilize at least a portion of the estimated tax refund as one of the at least a portion of the down payment on the loan and the at least a portion of the payment, submitting a credit application without including the deal structure.
6 . The method of claim 1 , wherein the loan comprises one of a consumer loan to be used by a consumer to purchase at least one of a product and a service and an existing loan.
7 . The method of claim 1 , wherein the estimating of the tax refund occurs at least one of before, during, and after completion of the credit application.
8 . The method of claim 1 , wherein distribution of the estimated tax refund to a consumer for which the credit application is submitted is performed via one of a refund anticipation loan, an instant refund anticipation loan, a direct deposit refund anticipation loan, an electronic refund check, and a direct deposit refund.
9 . The method of claim 8 , wherein the distribution of the estimated tax refund to the consumer is performed via one of the electronic refund check and the direct deposit refund upon a determination that the consumer does not qualify for one of the refund anticipation loan, the instant refund anticipation loan, and the direct deposit refund anticipation loan.
10 . The method of claim 8 , further comprising at least one of administrating and maintaining a temporary bank account on behalf of the consumer to receive the distribution of the estimated tax refund.
11 . The method of claim 8 , further comprising automatically printing the electronic refund check at an originating location.
12 . An apparatus, comprising:
a processor; and
a memory unit operatively connected to the processor and including:
computer code configured to capture credit application-related data;
computer code configured to capture tax-related data, wherein the tax-related data and the credit application-related data are non-overlapping;
computer code configured to estimate a tax refund based upon the tax-related data and at least a portion of the credit application-related data;
computer code configured to, upon a determination to utilize at least a portion of the estimated tax refund as one of at least a portion of a down payment on a loan and at least a portion of a payment, incorporating the at least a portion of the estimated tax refund into a deal structure of one of the loan and the payment, respectively; and
computer code configured to submit a credit application including the deal structure and at least the credit application-related data for decision.
13 . The apparatus of claim 12 , wherein the memory unit further comprises computer code configured to perform processes associated with at least one of a financing and credit service, and a tax preparation and estimation service.
14 . The apparatus of claim 12 , wherein the memory unit further comprises computer code configured to e-file a corresponding tax return to the Internal Revenue Service.
15 . The apparatus of claim 12 , wherein the memory unit further comprises computer code configured to, upon a determination not to utilize at least a portion of the estimated tax refund as one of the at least a portion of the down payment on the loan and the at least a portion of the payment, submitting a credit application without including the deal structure.
16 . The apparatus of claim 12 , wherein the loan comprises one of a consumer loan to be used by a consumer to purchase at least one of a product and a service and an existing loan.
17 . The apparatus of claim 12 , wherein the estimating of the tax refund occurs at least one of before, during, and after completion of the credit application.
18 . The apparatus of claim 12 , wherein distribution of the estimated tax refund to a consumer for which the credit application is submitted is performed via one of a refund anticipation loan, an instant refund anticipation loan, a direct deposit refund anticipation loan, an electronic refund check, and a direct deposit refund.
19 . The apparatus of claim 18 , wherein the distribution of the estimated tax refund to the consumer is performed via one of the electronic refund check and the direct deposit refund upon a determination that the consumer does not qualify for one of the refund anticipation loan, the instant refund anticipation loan, and the direct deposit refund anticipation loan.
20 . The apparatus of claim 18 , wherein the memory unit further comprises computer code configured to at least one of administrate and maintain a temporary bank account on behalf of the consumer to receive the distribution of the estimated tax refund.
21 . The apparatus of claim 18 , wherein the memory unit further comprises computer code configured to automatically print the electronic refund check at an originating location.
22 . A system, comprising:
a first application configured to capture credit application-related data; and
a second application configured to:
capture tax-related data, wherein the tax-related data and the credit application-related data are non-overlapping;
estimate a tax refund based upon the tax-related data and at least a portion of the credit application-related data;
upon a determination to utilize at least a portion of the estimated tax refund as one of at least a portion of a down payment on a loan and at least a portion of a payment, incorporating the at least a portion of the estimated tax refund into a deal structure of one of the loan and the payment, respectively; and
submit a credit application including the deal structure and at least the credit application-related data for decision;
wherein the first application and the second application are accessible via a single portal.