Abstract:
Methods and apparatus are described for viewing and electing to purchase an item for the purchase price or via a financing option. In one embodiment, the invention displays a purchase price for an item and simultaneously displays financing information for the item wherein the financing information includes a monthly payment. In another embodiment, the invention displays a total purchase price for a selected group; simultaneously displays financing information for the selected group; selects an item to form part of the selected group; and updates the total purchase price and the financing information to reflect the item which is part of the selected group.

Description:
CROSS REFERENCE TO RELATED APPLICATIONS  
       [0001]    The application claims priority from the U.S. provisional application entitled “Web Based Consumer Financing” filed on Feb. 6, 2002, with serial No. 60/355,455, which is herein incorporated by reference. 
     
    
     
       FIELD OF THE INVENTION  
         [0002]    The present invention relates generally to viewing and accessing financing options and, more particularly, to viewing and accessing financing options through an electronic format.  
         BACKGROUND OF THE INVENTION  
         [0003]    Researching, selecting, and purchasing products and services through the Internet has become indispensable for many consumers. With increasing access to the Internet, more people are utilizing electronic commerce to purchase products and services for both business and leisure. Compared to traditional purchases which necessitate direct human interaction between the consumer and the merchant, electronic commerce is gaining popularity because, in part, of the immediacy of the purchase and the ease in conducting the purchase.  
           [0004]    There are many variations of purchasing products and services through the Internet. One popular interface utilizes a shopping cart model where a symbol representing a shopping cart is shown. The shopping cart model may provide consumers with a comfortable interface for purchasing products and services. Another popular interface which is similar the shopping cart model utilizes a basket instead of a shopping cart to help consumers conceptualize purchasing products and services electronically.  
           [0005]    Even with the various interfaces that help consumers purchase products and services electronically, these interfaces do not provide consumers with enough information to make informed purchases of products and services.  
         SUMMARY OF THE INVENTION  
         [0006]    Methods and apparatus are described for viewing and electing to purchase an item for the purchase price or via a financing option. In one embodiment, the invention displays a purchase price for an item and simultaneously displays financing information for the item wherein the financing information includes a monthly payment. In another embodiment, the invention displays a total purchase price for a selected group; simultaneously displays financing information for the selected group; selects an item to form part of the selected group; and updates the total purchase price and the financing information to reflect the item which is part of the selected group.  
       
    
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0007]    The accompanying drawings, which are incorporated in and constitute a part of this specification, illustrate one embodiment of the invention and, together with the description, explain one embodiment of the invention. In the drawings,  
         [0008]    [0008]FIG. 1 is a diagram illustrating an environment within which the invention may be implemented.  
         [0009]    [0009]FIG. 2 is a simplified block diagram illustrating one embodiment in which the invention may be implemented.  
         [0010]    [0010]FIG. 3 is a flow diagram for viewing financing information, consistent with one embodiment of the invention.  
         [0011]    [0011]FIG. 4 is a flow diagram for viewing financing information and selecting items for purchase, consistent with one embodiment of the invention;  
         [0012]    [0012]FIG. 5 is a flow diagram for offering financing options, consistent with one embodiment of the invention.  
         [0013]    [0013]FIG. 6 is a flow diagram for purchasing a product, consistent with one embodiment of the invention.  
         [0014]    [0014]FIG. 7 is a screen shot illustrating product information and financing information, consistent with one embodiment of the invention.  
         [0015]    [0015]FIG. 8 is a screen shot illustrating financing information corresponding to a selected product, consistent with one embodiment of the invention.  
         [0016]    [0016]FIG. 9 is a screen shot illustrating a financing summary corresponding to selected products, consistent with one embodiment of the invention.  
         [0017]    [0017]FIG. 10 is a screen shot illustrating a financing option interface for purchasing selected products, consistent with one embodiment of the invention.  
         [0018]    [0018]FIG. 11 is a screen shot illustrating a financing option interface for purchasing selected products, consistent with one embodiment of the invention.  
         [0019]    [0019]FIG. 12 is a screen shot illustrating a financing status interface for purchasing selected products, consistent with one embodiment of the invention.  
         [0020]    [0020]FIG. 13 is a screen shot illustrating a financing option interface for purchasing selected products, consistent with one embodiment of the invention.  
         [0021]    [0021]FIG. 14 is a screen shot illustrating a financing result interface for purchasing selected products, consistent with one embodiment of the invention.  
         [0022]    [0022]FIG. 15 is a screen shot illustrating a financing result interface for purchasing selected products, consistent with one embodiment of the invention.  
     
    
     DETAILED DESCRIPTION  
       [0023]    The following detailed description of the invention refers to the accompanying drawings. The detailed description does not limit the invention. Instead, the scope of the invention is defined by the appended claims and equivalents.  
         [0024]    The present invention includes methods and apparatus for generating and displaying financing information related to purchasing products or services. The present invention also includes methods and apparatus for offering various financing options to the consumers. In one embodiment, financing information includes a monthly payment amount and the length of term to purchase a specific item. In another embodiment, financing information includes a total monthly payment amount and the length of term to purchase multiple items. In yet another embodiment, a status bar displays the financial information for items selected for possible purchase.  
         [0025]    Those skilled in the art will recognize that many other implementations are possible, consistent with the present invention.  
         [0026]    A. Environment and Architecture  
         [0027]    [0027]FIG. 1 is a diagram illustrating an environment within which the invention may be implemented. The environment includes a client  110 , a network  120 , and a server  130 .  
         [0028]    The client  110  may be the interface device for a potential consumer. The potential consumer may gather facts such as purchase price, monthly financing payments, term of financing for a corresponding product or service.  
         [0029]    The network  120  interfaces with both the client  110  and the server  130 . In one embodiment, the network  120  is the Internet. In another embodiment, the network  120  may be any transmission medium between the client  110  and the server  130 .  
         [0030]    The sever  130  is a device configured to interface with the client  110  through the messaging system  120 .  
         [0031]    The client  110  and/or the server  130  may include a combination of software, hardware, and/or firmware to provide customized financing applications.  
         [0032]    In one embodiment, a customized financing application provides the client  110  with a purchase price and a monthly financing payment price including the term of the financing for a particular product or service. In another embodiment, the customized financing application provides a choice between a purchase price or financing terms for electronically purchasing a corresponding product through the network  120 . In another embodiment, the customized financing application provides the client  110  a choice in the specific terms of financing a corresponding product or service. In another embodiment, the customized financing application provides the client  110  an opportunity to apply for financing while completing an electronic purchase through the network  120 .  
         [0033]    [0033]FIG. 2 is a simplified diagram illustrating an exemplary architecture in which the present invention may be implemented. The exemplary architecture includes a plurality of client devices  202 , a server device  210 , and a network  201 . In one embodiment, the network  201  may be the Internet. The plurality of client devices  202  are each configured to include a computer-readable medium  209 , such as random access memory, coupled to a processor  208 . Processor  208  executes program instructions stored in the computer-readable medium  209 . In another embodiment, the plurality of client devices  202  may also include a number of additional external or internal devices, such as, without limitation, a mouse, a CD-ROM, a keyboard, and a display.  
         [0034]    Similar to the plurality of client devices  202 , the server device  210  may include a processor  211  coupled to a computer-readable medium  212 . The server device  210  may also include a number of additional external or internal devices, such as, without limitation, a secondary storage element, such as database  240 .  
         [0035]    The plurality of client processors  208  and the server processor  211  can be any of a number of well known computer processors, such as processors from Intel Corporation, of Santa Clara, Calif. In general, the plurality of client devices  202  may be any type of computing platform connected to a network and that interacts with application programs, such as a digital assistant or a “smart” cellular telephone or pager. The server  210 , although depicted as a single computer system, may be implemented as a network of computer processors.  
         [0036]    The plurality of client devices  202  and the server  210  may include the customized finance application. In one embodiment, the plurality of computer-readable medium  209  and  212  may contain, in part, the customized finance application. Additionally, the plurality of client devices  202  and the server  210  are configured to receive and transmit electronic messages for use with the customized finance application. Similarly, the network  201  is configured to transmit electronic messages for use with the customized finance application.  
         [0037]    B. Operation  
         [0038]    The flow diagrams as depicted in FIGS. 3, 4,  5 , and  6  are merely embodiments of the invention. In each embodiment, the flow diagrams illustrate the use of the customized finance applications.  
         [0039]    The blocks within the flow diagram may be performed in a different sequence without departing from the spirit of the invention. Further, blocks may be deleted, added, or combined without departing from the spirit of the invention.  
         [0040]    The flow diagram in FIG. 3 illustrates viewing financing information from a customized finance application according to one embodiment. In Block  310 , an item is shown on a client device for potential purchase. In one embodiment, the item is a product. In another embodiment, the item is a service.  
         [0041]    In Block  320 , among other information relating to the item for purchase, a purchase price for the item is shown on the client device.  
         [0042]    In Block  330 , among other information relating to the item for purchase, a monthly payment amount is shown on the client device. In one embodiment, the monthly payment amount corresponds to the amount of money required to be paid monthly for the related item. In another embodiment, monthly payment amount corresponds to the minimum amount of money required to be paid monthly for the related item.  
         [0043]    In Block  340 , among other information relating to the item for purchase, a number of monthly payments is shown on the client device. In one embodiment, the number of monthly payments amount corresponds to the number of monthly payments to purchase the related item at the monthly payment amount shown in the Block  330 .  
         [0044]    In Block  350 , a user of the client device may make an informed purchase and place the item in the user&#39;s cart. In one embodiment, the client device has displayed financial information such as the purchase price of the item, the monthly payment if the item is financed, and the number of months the monthly payments are based upon.  
         [0045]    The flow diagram in FIG. 4 illustrates viewing financing information from a customized finance application according to one embodiment. In Block  410 , the number of items within a shopping cart are shown on a client device for potential purchase. At any given moment in time, the number of items within the shopping cart may be from 0 to N wherein N represents any integer. In one embodiment, the item is a product. In another embodiment, the item is a service.  
         [0046]    In one embodiment, a shopping cart model is utilized for exemplary purposes to represent the items which a user of the client device identifies for possible purchase. In another embodiment, an alternate model may be utilized to represent the items which a user of the client device identifies for possible purchase.  
         [0047]    In Block  420 , the total purchase amount corresponding to items within the shopping cart are shown on the client device. For example, there are 2 items within the shopping cart; the first item is $100, and the second item is $200. In this example, the total purchase amount shown on the client device would be $300.  
         [0048]    In Block  430 , the total monthly payment amount corresponding to items within the shopping cart are shown on the client device. In Block  440 , the number of monthly payments which corresponds to the total monthly payment amount is shown on the client device.  
         [0049]    In Block  450 , an item may be added to or deleted from the shopping cart. The items remaining in the shopping card are identified for possible purchase by the user of the client device.  
         [0050]    In Block  460 , the number of items as displayed in the Block  410  are updated in response to the Block  450 . Similarly, the total purchase amount as displayed in the Block  420  are updated in response to the Block  450 . Similarly, the total monthly payment as displayed in the Block  430  are updated in response to the Block  450 . Similarly, the number of monthly payments as displayed in the Block  440  are updated in response to the Block  450 .  
         [0051]    The number of items, the total purchase amount, the total monthly payment, and the number of monthly payments may be dynamically adjusted based on changes to the items within the shopping cart within the Block  450 .  
         [0052]    The number of items and the total purchase amount may be directly calculated from the changes within the Block  450 . The total monthly payment and the number of monthly payments may be adjusted together. For example, if the total purchase amount is above X amount, then the number of monthly payments may be 48 months. The total monthly payment is then calculated based on the 48 monthly payments. In another example, if the total purchase amount is below X amount, then the number of monthly payments may be 12 months. The total monthly payment is then calculated based on the 12 monthly payments.  
         [0053]    After the information is updated in the Block  460 , the updated information may be displayed by returning back to the Block  410 .  
         [0054]    The flow diagram in FIG. 5 illustrates viewing financing information from a customized finance application according to one embodiment. In Block  510 , the complete order information is shown on a client device for purchase. The complete order information may include identifying the items identified for purchase, the number of items identified for purchase, the total purchase amount, the total monthly payment, and the number of monthly payments.  
         [0055]    In Block  520 , a financing option is presented to the client device.  
         [0056]    In Block  530 , the identity of the user of the client device is confirmed. In one embodiment, the client device authenticates the identity of the user by receiving a password. In another embodiment, the client device authenticates the identity of the user by receiving a biometric parameter such as a finger print.  
         [0057]    In Block  540 , the financial information corresponding to the user of the client device is confirmed. In one embodiment, the financial information is confirmed by requesting a series of financial questions.  
         [0058]    In Block  550 , the type of loan is offered to the user of the client device. For example, the user of the client device may be offered an interest free loan or an interest accruing loan. The type of loan and the interest rate may depend on the financial information of the user. The term loan is utilized to represent financing in terms of a revolving credit line as well as a traditional loan.  
         [0059]    In Block  560 , the length of the term of the loan is offered to the user of the client device. The length or loan term may be determined based on the type of loan selected as well as the financial information of the user.  
         [0060]    The flow diagram in FIG. 6 illustrates purchasing an item based on viewing financing information from a customized finance application according to one embodiment. In Block  610 , the complete order information is shown on a client device for purchase for review by the user of the client device. The complete order information may include identifying the items identified for purchase, the number of items identified for purchase, the total purchase amount, the total monthly payment, and the number of monthly payments.  
         [0061]    In Block  615 , financing options are able to be selected by the user.  
         [0062]    In Block  620 , the customized financing application determines whether the user has been pre-approved for financing the purchase of selected items as shown in the Block  610 .  
         [0063]    If the user has not been pre-approved, the user enters personal financial information in the Block  645 . The personal financial information may include social security number, current monthly income, current monthly debt, and the like.  
         [0064]    If the user is pre-approved, the user is asked to enter the pre-approval code in the Block  625 .  
         [0065]    In Block  650 , based on confirmation and evaluation of the personal financial information, the customized financing application selectively issues a pre-approval code for the user.  
         [0066]    In Block  655 , the customized financing application checks for the pre-approval code. If the pre-approval code has been received by the user of the client device, then the user is asked to enter the pre-approval code in the Block  625 . If the pre-approval code is denied to the user, then the user is given an option to purchase the selected items in the Block  660  for the total purchase amount shown in the Block  610 .  
         [0067]    In Block  630 , the type of loan is selected by the user of the client device. For example, the user of the client device may be offered an interest free loan or an interest accruing loan. The type of loan and the interest rate may depend on the financial information of the user. The term loan is utilized to represent financing in terms of a revolving credit line as well as a traditional loan.  
         [0068]    In Block  635 , the length of the term of the loan is offered to the user of the client device. The length or loan term may be determined based on the type of loan selected as well as the financial information of the user.  
         [0069]    In Block  640 , the customized financing application evaluates the loan type and loan term and displays the loan approval information. In one embodiment, the loan approval information includes the total purchase price, the monthly payment amount, the term of the monthly payments, the interest rate, and the like.  
         [0070]    In Block  665 , the purchase of the selected items as shown in the Block  610  is completed. In one embodiment, the selected items are purchased via financing as shown in the Blocks  620  through  655 . In another embodiment, the selected items are purchased directly as shown in the Block  660 .  
         [0071]    [0071]FIG. 7 shows a sample screen shot  700  illustrating a customized financing application according to one embodiment of the invention. The screen shot  700  is configured to allow a user to learn more about items for purchase. The screen shot  700  displays a status bar  705  and a displayed item  735 . The status bar  705  includes an item count  710 , a total purchase amount  720 , and financing terms  730 . The item count  710  is shown as zero which represents that no items have been identified for possible purchase at this time. Accordingly, the total purchase amount  720  is also zero. The financing terms  730  are blank as well.  
         [0072]    The displayed item  735  includes a picture of the item, the purchase price of the item  740 , the monthly payment amount for the item  750 , the number of months for the monthly payment  760 , and various other control buttons  770 .  
         [0073]    [0073]FIG. 8 shows a sample screen shot  800  illustrating a customized financing application according to one embodiment of the invention. The screen shot  800  is configured to allow a user to review an item intended for possible purchase. The screen shot  800  displays a status bar  805  and a displayed item  835 . The status bar  805  includes an item count  810 , a total purchase amount  820 , and financing terms  830 . The item count  810  is shown as “1” which represents that a single item has been identified for possible purchase at this time. In this example, the item  835  has been selected. Accordingly, the total purchase amount  820  is $599.95. The financing terms  830  shows that 42 payments at $18 per payment is estimated if financing the item intended for purchase is desired. In one embodiment, the status bar  805  including the item count  810 , the total purchase amount  820  and the financing terms  830  may be constantly displayed while the user continues to shop for other items.  
         [0074]    In addition to the status bar  805 , financing terms  840  and the total purchase amount  850  are also displayed in a purchase summary which includes the item  835 .  
         [0075]    [0075]FIG. 9 shows a sample screen shot  900  illustrating a customized financing application according to one embodiment of the invention. The screen shot  900  is configured to allow a user to review an item intended for possible purchase. The screen shot  900  displays a status bar  905  and displayed items  935  and  945 . The status bar  905  includes an item count  910 , a total purchase amount  920 , and financing terms  930 . The item count  910  is shown as “2” which represents that two items have been identified for possible purchase at this time. In this example, the items  935  and  945  have been selected. Accordingly, the total purchase amount  920  is $999.90. The financing terms  930  shows that  42  payments at $21 per payment is estimated if financing the items intended for purchase is desired. In one embodiment, the status bar  905  including the item count  910 , the total purchase, amount  920  and the financing terms  930  may be constantly displayed while the user continues to shop for other items.  
         [0076]    In addition to the status bar  905 , total financing terms  940  and the total purchase amount  950  are also displayed in a purchase summary which includes the items  935  and  945 .  
         [0077]    [0077]FIG. 10 shows a sample screen shot  1000  illustrating a customized financing application according to one embodiment of the invention. The screen shot  1000  is configured to allow a user enter billing information in fields  1010 .  
         [0078]    [0078]FIG. 11 shows a sample screen shot  1100  illustrating a customized financing application according to one embodiment of the invention. The screen shot  1100  is configured to allow a user to review financing information  1110  and total purchase price  1115 . The screen shot  1100  also allows the user to select different payment options at the payment selector  1120 .  
         [0079]    [0079]FIG. 12 shows a sample screen shot  1200  illustrating a customized financing application according to one embodiment of the invention. The screen shot  1200  is configured to allow a user to review financing information  1210  and total purchase price  1215 . The financing information  1210  and the total purchase price  1215  have been updated to include applicable taxes. The screen shot  1200  also allows the user to select different payment options at the payment selector  1220 . In this example, the user selected “Sony Financing” as a payment option.  
         [0080]    [0080]FIG. 13 shows a sample screen shot  1300  illustrating a customized financing application according to one embodiment of the invention. The screen shot  1300  is configured to update the user on financing approval for the purchase of several items as shown in financing update  1310 .  
         [0081]    [0081]FIG. 14 shows a sample screen shot  1400  illustrating a customized financing application according to one embodiment of the invention. The screen shot  1400  is configured to allow the user to select various financing options. For example, the user may select the type of loan and the term of the loan by interfacing with loan type interface  1410  and loan term interface  1420 , respectively. The loan term may be any applicable interest rate.  
         [0082]    [0082]FIG. 15 shows a sample screen shot  1500  illustrating a customized financing application according to one embodiment of the invention. The screen shot  1500  is configured to update the user with financing decision results. For example, an approval field  1510  informs the user if the financing for the selected item(s) is approved. A purchase amount field  1520  informs the user of the purchase amount which is available to be financed. A monthly payment field  1530  informs the user the amount of the total monthly payment. An interest rate field  1540  informs the user the amount of annual interest that will be assessed. A term field  1550  informs the user how many monthly payments will be made to satisfy the financing.  
       C. CONCLUSION  
       [0083]    For the sake of clarity, the foregoing references to “loans” also includes financing, revolving credit, and equivalents for describing a series of payments for acquiring a product or service.  
         [0084]    Further, the foregoing references to “financing” in the embodiments are shown for exemplary purposes and are not intended to limit the invention. Financing includes any type of periodic payment for a duration of time such as but not limited to periodic cash payments. Although financing may include receiving interest in addition to the principle, financing does not necessarily involve any interest payments.  
         [0085]    The foregoing descriptions of specific embodiments of the invention have been presented for purposes of illustration and description. For example, the invention is described within the context of purchasing products as merely one embodiment of the invention. The invention may be applied to a variety of other applications such as purchasing services and the like.  
         [0086]    They are not intended to be exhaustive or to limit the invention to the precise embodiments disclosed, and naturally many modifications and variations are possible in light of the above teaching. The embodiments were chosen and described in order to explain the principles of the invention and its practical application, to thereby enable others skilled in the art to best utilize the invention and various embodiments with various modifications as are suited to the particular use contemplated. It is intended that the scope of the invention be defined by the claims appended hereto and their equivalents.