Electronic Lien and Title
Enabling technology solutions for Lenders.
Electronic Lien and Title (also known as ELT or paperless titles) enables State Departments of Motor Vehicles to send electronic lien notification messages instead of a paper title or paper lien notifications to lien holders.
ELT is the processing choice for a majority of the lienholders in the country and is rapidly becoming the only permissible method for handling automotive liens. States are passing laws replacing the paper title with paperless ELT titles.
How ELT Works
-
Liens are recorded to identify a lienholder
-
The DMV sends a paperless ELT record to VINtek on behalf of a lienholder
-
VINtek maintains the ELT in our VINtekTIMETM "electronic vault"
-
Upon satisfaction of the underlying loan the lienholder instructs VINtekTIMETM to release the lienholder lien
-
VINtek sends a transaction to the DMV and the lien is electronically released
Why Lenders Chose ELT
-
Improves risk management
-
Reduces title processing costs
-
Eliminates postage expense
-
Reduces physical title storage requirements
-
Streamlines and optimizes business processes
-
Increases organization efficiency
-
Reduces fraud by eliminating paper titles in circulation
-
Environmentally friendly "green" process
Ready to implement an ELT solution for your automotive finance business?
Call VINtek at 888-VIN-6500 for a program analysis today.
VINtek’s ELT application is also an excellent solution for State Departments of Motor Vehicles that wish to reduce cost and improve constituent service. To learn more about ELT for DMVs, visit our DMV Services page or call 888-VIN-6500.
