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:
automatically accessing, by a computer system comprising computer hardware, at least a portion of first financial terms that a customer has for a first vehicle and first vehicle information;
automatically accessing, by the computer system, at least a portion of second vehicle information for a second vehicle and second financial terms available to the customer for the second vehicle;
in response to a request, automatically accessing in real-time, by the computer system, information that has changed since past changed information that comprises at least one of changed accessed information associated with 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 changed 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:
automatically identifying one or more comparison criteria based on an estimated equity value for the first vehicle derived from the first financial terms, and derived from the second financial terms; and
automatically determining if the one or more comparison criteria 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 comparison criteria and an existing comparison criterion for the first vehicle, and determining whether the difference is less than or equal to a preset acceptable threshold value;
automatically generating a message if it is determined that the changed 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, and not generating the message if it is determined that the changed information may not 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
automatically transmitting the message to a user.
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 terminal configured for managing the message, wherein managing the message includes at least one of assigning the message 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 comparison criteria comprise payments for different respective time periods.
6. The method of claim 1 , wherein the second vehicle is comparable in value to the first vehicle.
7. The method of claim 6 , wherein the computer system determines the second vehicle.
8. The method of claim 1 , wherein each step of the method is performed by the computer system.
9. The method of claim 1 , 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.
10. 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:
electronically access at least a portion of customer information, first financial terms that a customer has for a first vehicle, and first vehicle information;
electronically access at least a portion of second vehicle information for a second vehicle and second financial terms available to the customer for the second vehicle;
in response to a request, electronically access in real-time information that has changed that comprises at least one of changed accessed information associated with 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 changed 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:
identify one or more comparison criteria based on an estimated equity value for the first vehicle derived from the first financial terms, and derived from the second financial terms; and
determine if the one or more comparison criteria satisfy 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 comparison criteria and an existing comparison criterion 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 changed 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, and not generating the message if it is determined that the changed information may not 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 user.
11. The computing system of claim 10 , wherein the computing system is configured to access the changed information with respect to a single specific customer.
12. The computing system of claim 10 , wherein the computing system is configured to access the changed information with respect to a plurality of customers.
13. The computing system of claim 10 , wherein the computing system is configured to access the changed information as a batch process.
14. The computing system of claim 10 , wherein the user is a dealer.
15. The computing system of claim 10 , wherein the request is received from a requesting user.
16. The computing system of claim 10 , wherein the one or more comparison criteria comprise one or more payments.
17. The computing system of claim 10 , wherein the request is received in response to a customer inquiry.
18. The computing system of claim 10 , wherein the message is a report.
19. The computing system of claim 10 , wherein the message is an alert.
20. The computing system of claim 10 , 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.