Systems and methods for funding and binding auto loans
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United States of America Patent
Stats
-
Mar 11, 2014
Grant Date -
N/A
app pub date -
Sep 25, 2007
filing date -
Sep 25, 2007
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A way to facilitate the use of funds from an automobile loan is provided. The vehicle identification number of the automobile the loan applicant wishes to purchase is used to activate the funds of the loan for use. The applicant may receive a loan card to be used in the transaction that may be initially inactive, i.e. unable to be used for a transaction, until the vehicle identification number is received by the financial institution that accepted the loan application. An applicant of the loan may also be provided information relating to an account established for the disbursement of the loan proceeds. The account may be initially inactive until the vehicle identification number of the automobile is received and the applicant may also receive additional information required to be transmitted to the financial institution in order to use the funds, including, without limitation, a security code.
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