Importance

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Abstract

A computer system that is adapted for facilitating the payoff of a financial obligation that is secured by a lien on an item, such as a vehicle. In various embodiments, the computer system is adapted for: (A) receiving a payoff proposal from a title requester that includes terms according to which the title requester proposes to pay off the particular financial obligation; (B) in response to receiving the payoff proposal from the title requester, notifying a lien holder associated with the financial obligation that the payoff proposal is available for review; and (C) after notifying the lien holder that the payoff proposal is available for review, displaying one or more terms of the payoff proposal to the lien holder. The system may be further configured for facilitating the electronic transfer of relevant documents and information between the title requestor, the lien holder, and/or various third parties or third party computer systems.

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First Claim