System and method for assessing and managing financial transactions
A financial terms alert generation system comprises an information retrieval module, a financial terms comparison module, and an alert transmission module. The information retrieval module is configured to retrieve financing information, customer information, and product information from one or more sources accessible on a network. The financial terms comparison module is configured to compare a customer's current financial arrangement to a potential new financial arrangement to determine whether the customer is able to enter into a new financial arrangement on terms favorable to the customer. The alert transmission module is configured to transmit an alert to a dealer in cases in which the financial terms comparison module determines that a customer is able to enter into a new financial arrangement on terms favorable to the customer. Such alerts identify the customer and the favorable financial terms.
1. A method comprising:
by a computer system comprising computer hardware:
retrieving at least a portion of customer information, first financial terms that a customer has for a first vehicle, and first vehicle information;
retrieving at least a portion of second vehicle information for a second vehicle and second financial terms available to the customer for the second vehicle;
receiving a configuration request for replacing the first vehicle of the customer with a different vehicle;
in response to the configuration request, retrieving current information associated with at least one of the customer information, the first financial terms that the customer has for the first vehicle, the first vehicle information, the second vehicle information, or the second financial terms available to the customer for the second vehicle;
determining, by the computer system, whether the current retrieved information may affect whether it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms by at least:
calculating one or more new payments based on an estimated equity value of the first vehicle derived from the first financial terms, and, based on the second financial terms; and
determining if the one or more new payments satisfy at least a condition based at least in part on the first financial terms and the second financial terms, wherein the determination comprises calculating a difference between the one or more new payments and an existing periodic payment for the first vehicle, and determining whether the difference is less than or equal to a preset acceptable threshold value;
generating a message if it is determined that the retrieved information may affect whether it is favorable for the customer to replace the first vehicle and first financial terms with the second vehicle and second financial terms; and
transmitting the message to a dealer.
2. The method of claim 1 , wherein the condition comprises determining if the customer, under the second financial terms, would pay no more than ten percent per periodic payment over what the customer pays under the first financial terms.
3. The method of claim 1 , wherein the condition comprises determining if the customer would pay no more per periodic payment under the second financial terms than under the first financial terms.
4. The method of claim 1 , wherein the message is configured to be read by a dealer terminal configured for managing the message, wherein managing the message includes at least one of assigning the message to a user for handling, associating a task with the message, and assigning a status to the message.
5. The method of claim 1 , wherein the one or more new payments comprise payments for different respective time periods.
6. A computing system comprising:
a processor; and
a computer readable medium storing machine-executable instructions including one or more modules configured for execution by the processor in order to cause the computing system to:
retrieve at least a portion of customer information, first financial terms that a customer has for a first vehicle, and first vehicle information;
retrieve at least a portion of second vehicle information for a second vehicle and second financial terms available to the customer for the second vehicle;
receive a configuration request for replacing the first vehicle of the customer with a different vehicle;
in response to the configuration request, retrieve current information associated with at least a portion of the customer information, the first financial terms that the customer has for the first vehicle, the first vehicle information, the second vehicle information, or the second financial terms available to the customer for the second vehicle;
determine whether the current retrieved information may affect whether it is favorable for the customer to replace a first vehicle and first financial terms with a second vehicle and second financial terms by at least causing the computing system to:
calculate one or more new payments based on an estimated equity value of the first vehicle derived from the first financial terms, and derived from the second financial terms; and
determine if the one or more new payments satisfy at least a condition based at least in part on the first financial terms and the second financial terms, wherein the determination comprises calculating a difference between the one or more new payments and an existing periodic payment for the first vehicle, and determining whether the difference is less than or equal to a preset acceptable threshold value;
generate a message if it is determined that the current retrieved information may affect whether it is favorable for the customer to replace the first vehicle and first financial terms with the second vehicle and second financial terms; and
transmit the message to a client.
7. The computing system of claim 6 , wherein the computing system is configured to retrieve the changed information with respect to a plurality of customers.
8. The computing system of claim 6 , wherein the configuration request is received when the customer enters a dealership.
9. The computing system of claim 6 , wherein the configuration request is received from a requesting user.
10. The computing system of claim 6 , wherein the configuration request is received in response to a customer inquiry.
11. The computing system of claim 6 , wherein elements or functions may be executed out of order from that shown or discussed, including substantially concurrently or in reverse order, depending on the functionality involved.