Elizabeth A Raymond

US Patent:

20050289036, Dec 29, 2005

Filed:

Aug 31, 2005

Appl. No.:

11/216780

Inventors:

Lawrence LaCombe - Southlake TX, US
Robert Schwartz - Farmington Hills MI, US
Fredrick Feldkamp - Chicago IL, US
Elizabeth Raymond - Chicago IL, US
Robert Deitz - Gerrards Cross, GB
William Levy - Deerfield IL, US
Richard Kent - Grosse Pointe Woods MI, US
Robert Straub - Rochester Hills MI, US
Nancy Bugg - Etibicoke, CA
Christine Ondrick - Okemos MI, US
Cynthia Ranzilla - New York NY, US
Gregory Kruszewski - Royal Oak MI, US

International Classification:

G06F017/60

US Classification:

705035000

Abstract:

The present invention provides a new form of financial instrument for securitization of retail automotive and light truck lease assets. The instrument is supported by secured notes that are separately and independently secured by a first priority perfected lien on each related vehicle and lease (to protect the investment entity which creates securities sold to investors and, thereby, the investors ). The method of the present invention for creating the financial instrument includes creating a leasing company. The leasing company then acquires leases from dealers. In one embodiment of the present invention, termination value guarantees on the leases can be obtained. A financial asset is issued to fund the acquisition of the leases. In one embodiment of the present invention, a nominee titleholder and a registered lien are created on each leased vehicle. The financial asset is transferred to a securities-issuing entity. A security backed by pools of the financial assets is offered via a registered public offering or an exempt private placement transaction.