Friday, November 6, 2009

Two Car Dealers Charged With Loan Fraud

I read a story today about how a dealership had defrauded two banks in Wisconsin. According to the Associated Press, one of the banks was defrauded of 1.7 million dollars over the course of five years.

This kind of theft is inexcusable and needs to be made impossible. Tracking vehicles, VINs, titles and liens should not be a difficult task.

Premier eTitleLien™ is designed to catch (and has) exactly this type of fraud situation. All titles expecting liens are tracked and alerts are made if an electronic title (ELT) is not received when expected. Any available information about a VIN (such as vehicle history) is made available to banks and other lenders.

We are glad that Wisconsin has developed an ELT program and look forward to working with them in the future in an effort to eliminate this kind of fraud.

Department of Justice Press Release.