Enforcing payment schedules

a payment schedule and payment schedule technology, applied in the field of payment schedule enforcement, can solve the problems of reducing the flexibility of the payment schedule enforcement mechanism, reducing the flexibility of the payment schedule, and reducing the so as to improve the flexibility and ease of use. , the effect of less reliance on decentralized components
US20070194881A1Inactive Publication Date: 2007-08-23GORDONHOWARD ASSOC INC
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Patent Information

Authority / Receiving Office
US · United States
Patent Type
Applications(United States)
Current Assignee / Owner
GORDONHOWARD ASSOC INC
Publication Date
2007-08-23
Estimated Expiration
Not applicable · inactive patent

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Abstract

A payment schedule enforcement system and method cause various actions to be taken in response to nonpayment by the debtor. Such actions include remotely activating an alert message, disabling a vehicle or other product, or the like. Upon occurrence of a specified event, a message is sent to a remotely located device, such as one installed in a vehicle or other product. The remotely located device is configured so that it can disable the vehicle (for example by disabling the starter circuitry) upon receipt of the message from the operations center.
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Description

CROSS-REFERENCE TO RELATED APPLICATION

[0001] This invention is related to U.S. patent application Ser. No. 10 / 856,968 for “Encoding Data in a Password”, filed May 28, 2004, the disclosure of which is incorporated herein by reference.BACKGROUND OF THE INVENTION

[0002] 1. Field of the Invention

[0003] The present invention relates to enforcement of payment schedules by remote disablement of a device in response to a missed payment or other event.

[0004] 2. Description of the Related Art

[0005] Lenders have various mechanisms for enforcing payment of debt obligations, particularly those obligations that arise from the sale of goods or property on credit. For example, mortgagees can foreclose on real property if a mortgagor defaults. Vehicle finance companies can repossess a vehicle in the event the purchaser fails to make timely payment.

[0006] In some cases, payment schedule enforcement mechanisms based on foreclosure and / or repossession are expensive and cumbersome to implement. Acc...

Claims

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