18182840. SYSTEMS AND METHODS FOR LEASE DEFERRAL BASED ON WEATHER DATA simplified abstract (TOYOTA JIDOSHA KABUSHIKI KAISHA)

SYSTEMS AND METHODS FOR LEASE DEFERRAL BASED ON WEATHER DATA

Organization Name

TOYOTA JIDOSHA KABUSHIKI KAISHA

Inventor(s)

Amber Lewis of Garland TX (US)

Joshua Batie of Frisco TX (US)

Jeremy Guck of Cedar Rapids IA (US)

Marc Murrin of Prosper TX (US)

SYSTEMS AND METHODS FOR LEASE DEFERRAL BASED ON WEATHER DATA - A simplified explanation of the abstract

This abstract first appeared for US patent application 18182840 titled 'SYSTEMS AND METHODS FOR LEASE DEFERRAL BASED ON WEATHER DATA

The patent application is for a lease deferral system that uses weather data to determine eligible leased vehicles for lease deferral offers.

• The system includes a computing device with a memory unit storing lease history of leased vehicles.
• Weather information is retrieved from a weather reporting system to identify affected leased vehicles.
• An eligible leased vehicle is determined based on the weather event and lease history.
• An electronic notification with a lease deferral offer is sent to the customer of the eligible leased vehicle.
• The customer is prompted to accept the lease deferral within the electronic notification.

• • Potential Applications:**

- Car leasing companies can use this system to offer lease deferrals to customers affected by weather events. - Insurance companies can utilize this technology to adjust premiums based on weather-related risks.

• • Problems Solved:**

- Provides a solution for offering lease deferrals to customers impacted by weather events. - Helps in managing lease agreements more effectively based on external factors like weather.

• • Benefits:**

- Enhances customer satisfaction by providing flexibility during unforeseen circumstances. - Improves risk management for leasing companies by considering external factors in lease agreements.

• • Commercial Applications:**

Title: Weather-Based Lease Deferral System for Vehicle Leasing Companies This technology can be used by vehicle leasing companies to offer lease deferrals to customers affected by weather events, improving customer satisfaction and risk management practices. It can also be integrated into insurance systems to adjust premiums based on weather-related risks.

• • Questions about the Technology:**

1. How does the system determine which leased vehicles are eligible for lease deferral offers? The system uses weather data and lease history to identify affected leased vehicles and determine eligibility for lease deferral offers.

2. What are the potential implications of using weather data in lease agreements for leasing companies? Using weather data in lease agreements can help leasing companies better manage risks associated with weather events and improve customer satisfaction by offering flexibility during unforeseen circumstances.

Original Abstract Submitted

Embodiments of the present disclosure are directed to a lease deferral system. The system includes a computing device including a memory unit storing a lease history of a plurality of leased vehicles. The computing device is configured to retrieve, from a weather reporting system, information pertaining to a weather event defined by a geographic area, determine one or more affected leased vehicles, and determine an eligible leased vehicle from the one or more affected leased vehicles for a lease deferral based on the weather event and the lease history of the one or more affected leased vehicles. The computing device is further configured to transmit an electronic notification to a customer of the eligible leased vehicle, the electronic notification including a lease deferral offer, and prompt the customer, within the electronic notification, to accept the lease deferral.