SYSTEMS AND METHODS FOR ANALYZING VEHICLE FINANCING VIA BLOCKCHAIN
The present embodiments relate to systems and methods for using a blockchain that tracks vehicle lifecycles by Vehicle Identification Number (VIN) or other vehicle identifier to determine whether a vehicle is over or under financed. A mileage report and VIN is received and a transaction is broadcast to the blockchain tracking. An actual cash value (ACV) of the vehicle is then determined using the mileage report and/or other information stored in the shared ledger including a loan payoff value, financing value, etc. regarding the vehicle and searchable according to VIN. It is then determined whether the vehicle is over-financed or under-financed by comparing to loan payoff value with the ACV.
1 . A computer-implemented method of utilizing blockchain technology to determine whether a vehicle is over or under financed, the method comprising:
requesting, via one or more processors, that a vehicle adds a mileage report to a blockchain;
responsive to the request, receiving, via one or more processors, an update to the blockchain that includes the requested the mileage report and a Vehicle Identification Number (VIN), the mileage report and the VIN being associated with the vehicle;
accessing, via the one or more processors, the blockchain, wherein the blockchain is operated by nodes on a distributed network, the blockchain tracking a lifecycle of the vehicle by VIN;
estimating, via the one or more processors, an actual cash value (ACV) of the vehicle based upon, at least in part, the mileage report;
retrieving, via the one or more processors, outstanding vehicle loan information, the outstanding vehicle loan information indicating a financing value of the vehicle;
determining, via the one or more processors, whether the vehicle is over-financed or under-financed, wherein the vehicle is over-financed when the financing value is greater than the ACV of the vehicle and the vehicle is under-financed when the financing value is less than the ACV of the vehicle.
2 . The method of claim 1 , the method further comprises:
generating, via the one or more processors, a refinancing loan offer for vehicle refinancing based upon an amount that the vehicle is over-financed or under-financed.
3 . The method of claim 1 , wherein the operation that estimates ACV of the vehicle includes a reliance on indications of vehicle features of the vehicle stored on the blockchain.
4 . The method of claim 1 , wherein the operation that updates the vehicle blockchain with the mileage report is an automatic operation performed by the vehicle and triggered by a vehicle event.
5 . The method of claim 1 , wherein the vehicle event is a periodic event.
6 . The method of claim 1 , wherein the wherein the operation that updates the vehicle blockchain with the mileage report includes a cryptographic proof-of-identity of an entity performing the updating operation.
7 . (canceled)
8 . A validating network node on a shared ledger system for handling a total loss based on over-financing or under-financing, the validating network node comprising:
a network interface configured to interface with one or more processors;
a memory configured to store non-transitory computer executable instructions and configured to interface with the one or more processors; and
the one or more processors configured to interface with the memory and configured to:
receive a claim of a loss relating to a vehicle, the vehicle having a Vehicle Identification Number (VIN);
access a blockchain using the VIN as a search parameter to collect VIN lifecycle information relating to the vehicle;
access the blockchain using the VIN as a search parameter to collect financing information relating to the vehicle, the financing information indicating an financing value of the vehicle;
determine whether the vehicle satisfies an under-financing condition;
determine whether the vehicle is a total loss at least in part on the VIN lifecycle information relating to the vehicle; and
remit a payment to an owner of the vehicle if the vehicle satisfies the under-financing condition, the payment being the difference between the actual cash value and the financing value.
9 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
transfer a vehicle title if the determining operation determines that the vehicle is a total loss.
10 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
receive telematics data from the vehicle indicating the vehicle has been in a collision.
11 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
receive telematics data from the vehicle indicating damage the vehicle has sustained in a collision.
12 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
validate proof-of-identity information of one or more entities that have updated a state of the vehicle on the blockchain.
13 . The system of claim 8 , wherein the operation that determines whether the vehicle is a total loss includes determining an actual cash value (ACV) of the vehicle.
14 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
request a mileage report to be taken and stored on the blockchain.
15 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
not transfer a vehicle title if the determining operation determines that the vehicle is not a total loss.
16 . The system of claim 8 , wherein the one or more processors configured to interface with the memory are further configured to:
broadcast a transaction to nodes on a blockchain network reflecting the vehicle's status as a total loss.
17 . A method of providing vehicle refinancing based upon a blockchain, the method comprising:
requesting that a vehicle adds a mileage report to a blockchain;
responsive to the request, receiving an update to the blockchain that includes the requested mileage report and a Vehicle Identification Number (VIN), the mileage report and the VIN being associated with the vehicle;
identifying a vehicle profile regarding the vehicle on the blockchain by the VIN, the vehicle profile including lifecycle information of the vehicle;
determining an estimated value of the vehicle based upon the lifecycle information of the vehicle;
retrieving a financing value of the vehicle from the lifecycle information of the vehicle;
determining whether the vehicle satisfies an under-financing condition based upon the financing value being less than the estimated value of the vehicle; and
generating a re-financing loan offer to an owner of the vehicle if the vehicle satisfies the under-financing condition.
18 . The method of claim 17 , wherein an amount of the re-financing loan offer equals the estimated value of the vehicle.
19 . The method of claim 17 , further comprising broadcasting a transaction to a network of the blockchain, the transaction reflecting the generating operation.
20 . (canceled)