Patent ID: 8442884

Claim:
In a relationship between a seller of a vehicle, a lender that holds a security interest in the vehicle, and a purchaser of the vehicle, a method of facilitating a sale of the vehicle, the method comprising: providing a web server interface in communication with a computer, the web server interface being configured to receive communications from the seller and the purchaser; receiving, at the computer and via the web server interface, an enrollment transaction from the seller, the enrollment transaction comprising a set of data about a loan related to the security interest on the vehicle, wherein the set of data comprises an identification of the lender and an account number associated with the loan; creating, based on the enrollment transaction, a sale transaction record associated with the vehicle; providing to the seller, via the web server interface, a transaction identifier associated with the sale transaction record; requesting, from the lender, information about a remaining amount of the loan; receiving, at the computer, the information about the remaining amount of the loan; receiving, at the computer and via the web server interface, a notification from the seller that a sale of the vehicle is pending, wherein the notification comprises the transaction identifier, a sale price, and a closing date for the sale; determining, based on the transaction identifier, that the notification pertains to the sale transaction record; calculating, at the computer, a loan payoff amount, based at least in part on the remaining amount of the loan and the closing date of the sale; communicating the loan payoff amount to the seller; determining whether the loan payoff amount is greater than the sale price; if the loan payoff amount is greater than the sale price, placing the sale transaction record in suspended status until receiving confirmation from the lender that the loan remaining amount is less than the sale price; receiving, at the computer and via the web server interface, a request from the purchaser to make a payment, the request comprising the transaction identifier; determining, based on the transaction identifier, that the request pertains to the sale transaction record; if the sale transaction record is not in suspended status, providing, through the web server interface, a facility for the purchaser to initiate a money transfer transaction through a money transfer service to provide funds for the sale of the vehicle; receiving the funds at the computer; transferring a first portion the funds to the lender; transferring a second portion of the funds to the seller; notifying the seller that title to the vehicle should be transferred to the purchaser; receiving, at the computer and via the web server interface, a notification from the purchaser about a status of title to the vehicle; recording a lien on the vehicle, if the notification from the purchaser indicates that the title to the vehicle has not been transferred.