SYSTEM AND METHOD FOR VALIDATING COLLATERAL
The invention consists of a method for real-time registration of collateral for a loan, comprising: a) inputting collateral information into a form; b) verifying the collateral information in the form via a self-checking algorithm; c) submitting the collateral information to a registration service; and d) providing confirmation that the collateral information was recorded with the registration service.
1 . A method for real-time registration of collateral for a loan, comprising:
a) inputting collateral information into a form;
b) verifying said collateral information in said form via a self-checking algorithm;
c) submitting said collateral information to a registration service;
d) providing confirmation that said collateral information was recorded with said registration service; and
e) providing a warning in the event steps b) and/or c) are unsuccessfully executed.
2 . The method of claim 1 , wherein said collateral is a vehicle and said collateral information includes a Vehicle Identification Number (VIN) for said vehicle.
3 . The method of claim 2 , further including an additional step of verifying said VIN as a legitimate VIN prior to said submitting step.
4 . The method of claim 3 , wherein said verification step for said VIN further includes confirmation that said VIN corresponds to said vehicle designated as said collateral.
5 . The method of claim 1 , further including, as part of said warning step e), suggesting a corrective procedure to allow for successful execution of said steps.
6 . The method of claim 1 , further including an additional step of providing a user with an opportunity to make changes to said form at each of steps b) and c).
7 . The method of claim 6 , wherein said additional step is enacted in response to a failure of any of steps b) and c).
8 . A method for real-time validation of a Vehicle Identification Number (VIN) for a vehicle used as collateral, comprising:
a) verifying said VIN as a legitimate VIN using a VIN validation algorithm;
b) confirming said VIN corresponds to said vehicle by comparing said VIN against one or more vehicle VIN databases; and
c) notifying whether said VIN is successfully confirmed.
9 . The method of claim 6 , wherein said method is included a part of a method of registering said vehicle as collateral.
10 . The method of claim 6 , further including additional steps notifying of specific reasons for failure of any of steps a) and b) and providing suggestions corrections to address said failure.