Method, apparatus and program product for facilitating transfer of vehicle leases

Abstract

A method for facilitating transfer of vehicle leases between parties involves providing a database of vehicle lease records concerning vehicle leases available for transfer. A search engine is provided for searching the vehicle lease database according to entered criteria, the search engine operable to identify available vehicle lease records which meet the entered criteria. Access to the search engine is provided via a computer network. Upon execution of a given search including criteria entered by a searching user, the searching user is provided, via the computer network, with vehicle lease information concerning at least one matching vehicle lease record which meets the entered criteria of the given search, if such a matching vehicle lease record exists.

Description

CROSS-RELATED TO RELATED APPLICATIONS [0001] This application is a continuation of U.S. patent application Ser. No. 09 / 775,002 filed on Jan. 7, 2001 by Ron Joseph, entitled “SYSTEM AND METHOD FOR FACILITATING TRANSFER OF VEHICLE LEASES,” which claims the benefit of Provisional Application Ser. No. 60 / 180,264 filed Feb. 4, 2000. The disclosures of each of these applications are incorporated by reference herein.FIELD OF THE INVENTION [0002] The present invention relates to a system and method for facilitating transferring vehicle leases from a lessee to a new lessee and, more particularly, a system and method for facilitating transferring vehicle leases via the Internet or other large scale computer network. BACKGROUND OF THE INVENTION [0003] For a variety of reasons persons often choose to lease a vehicle rather than purchase it outright. Many times the lease option provides the ability to lower monthly payments, permitting a person to better afford his or her vehicle of choice. One ...

AI Technical Summary

Benefits of technology

[0008] In still a further aspect, a method for facilitating transfer of vehicle leases between parties involves providing a database of vehicle lease records concerning vehicle leases available for transfer. Access to at least certain information concerning vehicle lease records in the vehicle lease database is provided via a computer network. A lease action engine is provided for modifying the vehicle lease database, and controlled access to the lease action engine is provided via the computer network. Upon addition of a vehicle lease record to the vehicle lease database by a listing user via the lease action engine, the entered vehicle lease record of the vehicle lease database is associated with the listing user. The lease action engine enables the listing user to delete or modify an existing vehicle lease record of the vehicle lease database only if the existing vehicle lease record is associated with the listing user.

Problems solved by technology

One problem associated with vehicle leases is their fixed term.

Often times the fees associated with terminating a lease early are undesirably high, but the fees associated with transferring the lease to another party may be less substantial or non-existent.

Other impediments to vehicle lease transfers exist, including a general lack of consumer information concerning the ability to transfer as well as liability issues raised for lessees who wish to transfer their lease.

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