SYSTEM AND METHOD FOR IDENTIFYING VEHICLES FOR A PURCHASER
Processing of vehicle inventory information is described that allows vehicles that satisfy financial institution's financing requirements, as well as a purchaser's requirements are described. The inventory information is processed to identify eligible vehicles that meet the purchaser's requirements. The financial requirements are determined from financial booking information that describes how a financial institution determines the financing for vehicles.
1 . A method for identifying eligible vehicles for a purchaser, the method comprising:
receiving from a network attached computing device a purchaser financing indicator, the purchaser financing indicator providing at least an indication of a specified payment amount;
retrieving from a network attached data store finance booking requirements for a financial institution;
processing a data store of a plurality of available vehicles and associated vehicle information, to identify one or more vehicles eligible for the purchaser by:
determining a total amount to finance (TATF) allowable for the financial institution based on a determined value of a respective vehicle;
determining an interest rate from the finance booking requirements based on a model year of the respective vehicle;
calculating a payment amount based on at least the interest rate and a purchase price of the respective vehicle;
marking the respective vehicle as an eligible vehicle if:
the TATF is greater than or equal to the purchase price associated with the respective vehicle; and
the calculated payment amount is less than or equal to the specified payment amount; and
returning the one or more eligible vehicles determined from selection criteria comprising the purchaser financing indicator and the finance booking requirements.
2 . The method of claim 1 , wherein processing further comprises:
determining a maximum loan term based on a condition of the vehicle, and
wherein determining the payment amount comprises determining a recurring payment amount based on the determined interest rate and the maximum loan term.
3 . The method of claim wherein the maximum loan term is further based on mileage of the vehicle.
4 . The method of claim 2 , wherein the finance booking requirements specify:
possible interest rates based on the model year of the vehicle and a plurality of credit ratings;
maximum recurring payments based on the plurality of credit ratings; and
maximum amounts to finance based on vehicle value and the plurality of credit ratings.
5 . The method of claim 4 , wherein the finance booking requirements further specify:
an allowable backend financing amount based on vehicle value.
6 . The method of claim 5 , further comprising:
for each of the eligible vehicles for the purchaser, determining additional financing amounts by:
determining the backend financing amount available from the finance booking requirements and the determined vehicle value associated with the respective vehicle; and
determining a frontend financing amount available from a difference between the TATF and the purchase price of the respective vehicle.
7 . The method of claim 1 , wherein the data store of the plurality of available vehicles and associated vehicle information stores for each vehicle:
a unique vehicle identification number (VIN)
a make of the vehicle;
a model of the vehicle;
a model year of the vehicle;
a trim level of the vehicle; and
mileage of the vehicle.
8 . The method of claim 7 , wherein the associated vehicle information further stores for each vehicle;
the determined value of the vehicle.
9 . The method of claim 8 , wherein the associated vehicle information further stores for each vehicle:
dealer or seller information of the vehicle.
10 . The method of claim 1 , wherein the determined value associated with the vehicle is determined from at least one networked 3 rd party valuation services.
11 . The method of claim 1 , further comprising:
periodically updating the data store to add vehicle information of newly available vehicles and removing unavailable vehicles;
determining the book value for any newly added vehicles from at least one more 3 rd party valuation services.
12 . A system for identifying eligible vehicles for a purchaser based comprising:
one or more client computing devices;
one or more vehicle inventory source computing devices;
one or more 3 rd party vehicle valuation computing devices;
a vehicle selection computing device; and
a network communicatively coupling the one or more client computing devices, the one or more vehicle inventor source computing devices and one or more 3 rd party vehicle calculation computing devices to the vehicle selection computing device,
wherein the vehicle selection computing device is configured to:
receive from at least one of the one or more client computing devices a purchaser financing indicator, the purchaser financing indicator providing at least an indication of a specified payment amount;
retrieve from a network attached data store finance booking requirements for a financial institution;
process a data store of a plurality of available vehicles and associated vehicle information, to identify one or more vehicles eligible for the purchaser by:
determining a total amount to finance (TATF) allowable for the financial institution based on a determined value of a respective vehicle;
determining an interest rate from the finance booking requirements based on a model year of the vehicle;
calculating a payment amount based on at least the interest rate and a purchase price of the vehicle;
marking the vehicle as an eligible vehicle if:
the TATF is greater than or equal to the purchase price associated with the vehicle; and
the calculated payment amount is less than or equal to the specified payment amount; and
return to the client computing device the eligible vehicles determined from selection criteria comprising the purchaser financing indicator and the finance booking requirements.
13 . The system of claim 12 , wherein processing further comprises:
determining a maximum loan term based on a condition of the vehicle, and
wherein determining the payment amount comprises determining a monthly payment amount based on the determined interest rate and the maximum loan term.
14 . The system of claim 13 , wherein the maximum loan term is further based on mileage of the vehicle.
15 . The system of claim 13 , wherein the finance booking requirements specify:
possible interest rates based on the model year of the vehicle and a plurality of credit ratings;
maximum monthly payments based on the plurality of credit ratings; and
maximum amounts to finance based on vehicle value and the plurality of credit ratings.
16 . The system of claim 15 , wherein the finance booking requirements further specify:
an allowable backend financing amount based on vehicle value.
17 . The system of claim 16 , wherein the vehicle selection computing device is further configure to:
for each of the eligible vehicles for the purchaser, determine additional financing amounts by:
determining the backend financing amount available from the finance booking requirements and the determined vehicle value associated with the respective vehicle; and
determining a frontend financing amount available from a difference between the TATF and a purchase price associated with the respective vehicle.
18 . The system of claim 12 , wherein the data store of the plurality of available vehicles and associated vehicle information stores for each vehicle:
a vehicle identification number (VIN) of the vehicle;
a make of the vehicle;
a model of the vehicle;
a model year of the vehicle;
a trim level of the vehicle; and
mileage of the vehicle.
19 . The system of claim 18 , wherein the associated vehicle information further stores for each vehicle:
the determined value of the vehicle.
20 . The system of claim 19 , wherein the associated vehicle information further stores for each vehicle:
dealer or seller information of the vehicle.
21 . The system of claim 12 , wherein the determined value associated with the vehicle is determined from at least one networked 3 rd party valuation services.
22 . The system of claim 12 , wherein the vehicle selection computing device is further configure to:
periodically update the data store to add vehicle information of newly available vehicles and removing unavailable vehicles;
determine the book value for any newly added vehicle from at least one more 3 rd party valuation services.
23 . A computing device comprising:
a processor for executing instructions; and
a memory for storing instructions, which when executed by the processor configuring the computing device to:
receive from at least one of the one or more client computing devices a purchaser financing indicator, the purchaser financing indicator providing at least an indication of a specified payment amount;
retrieve from a network attached data store finance booking requirements for a financial institution;
process a data store of a plurality of available vehicles and associated vehicle information, to identify one or more vehicles eligible for the purchaser by:
determining a total amount to finance (TATF) allowable for the financial institution based on a determined value of a respective vehicle;
determining an interest rate from the finance booking requirements based on a model year of the respective vehicle;
calculating a payment amount based on at least the interest rate and a purchase price of the respective vehicle;
marking the respective vehicle as an eligible vehicle if:
the TATF is greater than or equal to the purchase price associated with the respective vehicle; and
the calculated payment amount is less than or equal to the specified payment amount; and
return to at least one of the one or more client computing devices eligible vehicles determined from selection criteria comprising the purchaser financing indicator and the finance booking requirements.