Auto Finance News
  • Home
  • News
  • Big Wheels Data
  • Features
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Webinar
    • Next Webinar (7/15): Digital Strategies for Exceptional CX
    • Webinar Library
  • Podcast
  • Powersports

No products in the cart.

Subscribe
  • Capital & Funding
  • Compliance
  • Risk
  • Technology
  • Best Practices
  • Compliance Monitor
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
  • Big Wheels Data
  • Features
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Webinar
    • Next Webinar (7/15): Digital Strategies for Exceptional CX
    • Webinar Library
  • Podcast
  • Powersports
BIG Wheels
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

4 Ways BofA’s Patents Portend the Future of Auto Finance

JJ HornblassbyJJ Hornblass
April 1, 2015
in Risk Management, Technology
Reading Time: 3 mins read
0

canstockphoto10030504Quick quiz: How many patent applications were filed by Bank of America Corp., the 7th-largest auto finance company in the nation, in 2014?

  1. 97
  2. 3,145
  3. 251
  4. 14
  5. No clue

If you answered C, you were correct. (If you answered E, our sympathies.)

A few of those 251 patent applications relate to auto finance, and they deserve some exploration. What follows are the applications that bear relevance to auto finance, courtesy of a wonderfully detailed post on BofA’s patent efforts by IPWatchdog.com, as well as an overview of why each has a bearing on the industry’s future:

  1. Peer-to-Peer for Nonprime Auto Loans. Bank of America filed a patent last year for a peer-to-peer platform, entitled “Networking Platform for Lending,” that serves as an alternative for obtaining a loan to those with low credit ratings. The patent application claims a lending network system that includes a processing device that receives a loan request referral from a traditional financial institution or potential borrower information from an institution that had previously declined to fund the borrower. It presents one or more potential lenders which are not associated with the institution to a potential borrower, and receives an intent to fund at least a portion of the potential borrower’s loan request and facilitates a loan agreement between the borrower and lender. The key here is that the patent specifically is designed to apply to nonprime lending, where diffusion of risk across parties has the greatest benefit from the lending standpoint.
  2.  Going Deeper Into Purchasing Processes. Another patent application from Bank of America — called “Readable Indicia for Fuel Purchase” — allows for a mobile app for purchasing fuel for a vehicle from a fuel station. The app would: a) initiate a fuel purchase application on the apparatus; b) determine identification information associated with a fuel pump that will be used to fuel a vehicle; and c) transmit a purchase authorization request, as well as determine a payment amount or a discount eligibility. The service would also process the purchase authorization request, transmit an electronic receipt to the app and authorize the activation of the fuel pump. In other words, “this invention is capable of helping a user understand how much money it will cost to fill their vehicle’s fuel tank to a predetermined capacity,” according to IPWatchdog.com. This patent application appears noteworthy for two reasons. First, it puts BofA deeper into the retail transaction. Second, it gives BofA the opportunity to tag a financing dynamic to retail transactions. Could BofA leverage the app’s value when offering auto loans? Seems likely. Further, there are remarketing implications here, too.
  3.  Facilitating Personal Financial Goals. A couple of patent applications filed by BofA advance various means of improving the savings abilities of its customers. One would help customers more effectively save money for a car or other major expenditures, according to the application titled, “Management of Contributions for a Goal.” The patent application describes a server for managing a contribution for a goal. Without getting bogged down in the details, the app is aimed at making savings towards a goal less haphazard for consumers. Clearly, if the goal were a car, Bank of America would be in a unique position to posit that that goal is achieved sooner with an auto loan or lease. That’s a powerful direct financing approach, to say the least.
  4.  Digital Tools to Infiltrate Decision Making. Along the lines of the savings-goal tool, another BofA patent would help financial account owners more effectively determine their budget for certain personal expenditures. Called “Use of E-Receipts to Determine Total Cost of Ownership,” the patent application protects a system that identifies communications between a customer and a merchant; extracts purchase transaction data from the communications; converts purchase information data into a format compatible with an online banking application; integrates the data into the application so a customer can access that information and determine an estimated total cost of ownership of a product based on the product’s purchase price and other costs associated with that product. The app even more tightly ties to the credit application process. According to IPWatchdog, “this invention is configured to integrate online and offline purchase data so that an individual can view all costs associated with a certain product, such as a total cost for a vehicle that includes fuel and insurance costs.” And borrowing, we would expect.
Tags: appsBank of Americadirect lendingmobile appsPayments
Previous Post

Lesson From BMW’s E-Car Sharing Initiative

Next Post

4 Ways BofA’s Patent Efforts Portend the Future of Auto Finance

Related Posts

Technology

Lendbuzz automates over 50% of originations

July 16, 2025
Workers assemble the Lucid Air prototype electric vehicle, manufactured by Lucid Motors Inc., at the company's headquarters in Newark, California, U.S., on Monday, Aug. 3, 2020. The final specs and design of the Lucid Air are due to be unveiled at an event in September and executives say customers can now expect delivery of the first batch of Airs in spring 2021.
Risk Management

Lucid’s CEO warns of price hikes even for American-made cars

July 15, 2025
Customers at a Ford dealership in Richmond, California.
Risk Management

Credit access improves as Credit Availability Index rises 3.6% YoY

July 14, 2025
Next Post

4 Ways BofA’s Patent Efforts Portend the Future of Auto Finance

Please login to join discussion

Stay Informed with Our Newsletters

PowerSports Finance

The Roadmap Podcast

SPONSORED

Making zero-touch funding a reality

May 22, 2025

The Hidden Bottlenecks in Dealership Financing—And How to Fix Them Fast

April 28, 2025

Tax Refund Season is Here—Is Your Dealership Ready to Handle the Surge?

March 13, 2025

ABOUT US

HELP CENTER

ADVERTISE

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Manage Cookie Consent

EXECUTIVES OF THE YEAR

AUTO FINANCE EXCELLENCE AWARDS

MAGAZINE ARCHIVE

INDUSTRY GLOSSARY

facebook linkedin twitter podcast podcast
© 2025 Royal Media
No Result
View All Result
  • Home
  • News
    • All News
    • Capital & Funding
    • EVs
    • Technology
    • Management
    • Powersports Finance News
    • Risk Management
    • Sales & Marketing
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Features
    • Latest Issue
    • Features
    • New Tracks
    • Car Culture
    • Staffing Shuffles
    • Under The Hood
    • Spotlight
    • Issue Archive
  • Webinar
  • Podcast
  • Big Wheels Data
  • Big Wheels Data
  • SUBSCRIBE
  • Log In / Account

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • All News
    • Capital & Funding
    • EVs
    • Technology
    • Management
    • Powersports Finance News
    • Risk Management
    • Sales & Marketing
  • Events
    • Auto Finance Summit East
    • Equipment Finance Connect
    • Auto Finance Summit
    • PowerSports Finance Summit
  • Features
    • Latest Issue
    • Features
    • New Tracks
    • Car Culture
    • Staffing Shuffles
    • Under The Hood
    • Spotlight
    • Issue Archive
  • Webinar
  • Podcast
  • Big Wheels Data
  • Big Wheels Data
  • SUBSCRIBE
  • Log In / Account

THIS WEBSITE USES COOKIES

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I CONSENT”, you consent to the use of ALL the cookies.

Cookie settingsI CONSENT

Review our Cookie Policies
.
Manage Cookie Consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
34f6831605sessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
a64cedc0bfsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
crmcsrsessionGeneral purpose platform session cookie, used by sites written in JSP. Usually used to maintain an anonymous user session by the server.
JSESSIONIDsessionThe JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application.
LS_CSRF_TOKENsessionCloudflare sets this cookie to track users’ activities across multiple websites. It expires once the browser is closed.
LSKey-c$CookieConsentPolicy1 yearUsed to apply end-user cookie consent preferences set by our client-side utility.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
CookieDurationDescription
__cf_bm30 minutesThis cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
_zcsr_tmpsessionZoho sets this cookie for the login function on the website.
663a60c55dsessionThis cookie is related to Zoho (Customer Service) Chatbox
e188bc05fesessionThis cookie is set in relation to Zoho Campaigns
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gid1 dayInstalled by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT2 yearsYouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid2 yearsVimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
__Host-GAPS2 yearsThis cookie allows the website to identify a user and provide enhanced functionality and personalisation.
_dc_gtm_UA-1038974-31 minuteUsed to help identify the visitors by either age, gender, or interests by DoubleClick - Google Tag Manager.
_fbp3 monthsThis cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr3 monthsFacebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
test_cookie15 minutesThe test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysA cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSCsessionYSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devicesneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-idneverYouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextIdneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requestsneverThis cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
caf_ipaddrsessionNo description available.
citysessionNo description available.
countrysessionNo description available.
gnt_eidsessionNo description available.
gnt_eu6 hoursNo description
iamcsrsessionZoho (Customer Support) sets this cookie and is used for tracking visitors (for performance purposes)
systemsessionNo description available.
traffic_targetsessionNo description available.
Save & Accept
Powered by CookieYes Logo