You own a car. You have a loan. Your lender has your title. Why it benefits you that they are using ELT:
1. Once your loan is paid off, you get a clean title (no lien) mailed to you from the DMV.
2. If you lose that title, a duplicate title is available from the DMV. Without ELT, you have to go back to the lender to have them get you a new title.
3. Hopefully that lender still exists.
4. Less expensive: if you did want to get a clean title, you'd have to apply for a new one.
5. The title comes faster. DMV processes ELT transactions electronically. Your title gets printed and mailed quicker.
6. Available same day in SC, VA. Your lender can send a message to the DMV and you can pick up a clean title the same day in South Carolina and Virginia.
7. Your lender can help ensure that the DMV has your correct address; no more titles getting lost in the mail.
I love working with ELT: it's inexpensive and helps everyone.
