US Patent Issued on Oct. 28 for "System and method for establishing and managing reserve accounts associated with automotive loan approval" (Tennessee Inventor)

ALEXANDRIA, Va., Oct. 28 -- United States Patent no. 12,456,146, issued on Oct. 28.

"System and method for establishing and managing reserve accounts associated with automotive loan approval" was invented by David Barber (Lakeland, Tenn.).

According to the abstract* released by the U.S. Patent & Trademark Office: "A system and method for providing a corporate "co-signor" for potential purchasers of an automobile who do not meet captive lender or standard bank approval guidelines. The corporate co-signor does not sign or execute loan documents, but instead guarantees the loans that are underwritten using a "cosignloan" product implemented in agreement with a lender. The loan is based on a payment-to-income basis, supported by the security ...