Vehicle Inventory Filtering by Precomputed Financing Eligibility
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Solution Overview
Problem
The current vehicle purchasing process is cumbersome and inefficient, requiring manual selection and verification of vehicles to determine affordability and loan eligibility, which is complicated by varying lending rates and requirements across financial institutions.
Innovation Solution
A method and system that receive purchaser financing information, determine eligible vehicles by calculating actual monthly payments, and filter vehicles based on desired monthly payments and financing booking requirements, using a network of computing devices to process vehicle inventory data and return a subset of eligible vehicles that meet both purchaser and financial institution criteria.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional manual vehicle selection and verification process is used, then purchaser can select vehicles, but the process is time-consuming and inefficient
Solution Approach 1:
The system performs preliminary calculations of actual monthly payments for all vehicles in the inventory before the purchaser makes a selection. By pre-computing financing details and eligibility status for each vehicle, the system eliminates the need for purchasers to manually verify each vehicle's affordability, significantly reducing the time required to identify suitable vehicles while maintaining accurate financing information.
2Ease of operation
If purchaser manually checks each vehicle for loan eligibility, then vehicle affordability can be determined, but the process becomes cumbersome and complex
Solution Approach 1:
The system merges multiple functions into a single automated process: vehicle selection, financing calculation, loan eligibility verification, and result presentation. Instead of requiring purchasers to separately check each vehicle's affordability and loan eligibility, the system combines all these operations into one unified search that simultaneously evaluates all vehicles against the purchaser's criteria and returns only eligible options.
Solution Approach 2:
The system performs self-service by automatically calculating actual monthly payments and determining loan eligibility for each vehicle without requiring manual intervention from the purchaser. The system independently verifies financing details against current rates and requirements, eliminating the need for purchasers to manually check each vehicle's affordability status.
3Reliability
If financial institution requirements are checked for each vehicle, then loan eligibility is determined, but varying lending rates increase process complexity
Solution Approach 1:
The system implements a universal financing verification mechanism that handles multiple financial institutions and their varying requirements through a single integrated process. The system is designed to accommodate different lending rates, terms, and eligibility criteria from various financial institutions without requiring separate verification processes for each institution, thereby maintaining reliable loan eligibility determination while reducing overall process complexity.
Data Source
AI summary
Processing of vehicle inventory information is described that allows vehicles that satisfy financial institution's financing requirements, as well as a purchaser's requirements are described. The inventory information is processed to determining eligible vehicles that meet the purchaser's requirements. The financial requirements are determined from financial booking information that describes how a financial institution determines the financing for vehicles providing a list of vehicles which can be financed by a financial institution while meeting the purchaser's requirements.