The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Apr. 25, 2023
Filed:
Aug. 10, 2020
David Barber, Lakeland, TN (US);
David Barber, Lakeland, TN (US);
Other;
Abstract
A system and method for providing a corporate 'co-signor' for potential purchasers of an automobile who do not meet captive lender or standard bank approval guidelines. The corporate co-signor does not sign or execute loan documents alongside the purchaser in a manner similar to co-signors in the prior art, but instead guarantees the loans that are underwritten using a 'cosignloan' product implemented in agreement with a captive lender. The loan is based on a payment-to-income (PTI) basis, supported by the security provided by the corporate co-signor. The dealer will then be able to use the “cosignloan” product parameters to provide appropriate new, used, or certified pre-owned vehicles to the customer/purchaser. The corporate co-signor receives an administration fee for each loan. The administration fee, in one embodiment, is sent to a reserve account by the captive lender from the dealer booking proceeds. The reserve account is controlled by the corporate co-signor and the captive lender, and has specific debit and credit guidelines to ensure that sufficient funds are available to pay defaulted loans for a particular year until all loans booked in that year are satisfied.