For the next month, follow DDI’s new blog series, “All About ELT,” to learn more about this cost-saving trend in vehicle title management.
What is ELT?
ELT stands for electronic lien and title, a paperless method that allows a DMV and a financial institution or lienholder to exchange vehicle title information electronically. To exchange this information in a secure manner, these institutions will contract with service providers like DDI.
These electronic titles are created and held by departments of motor vehicles in states’ motor vehicle databases. However, not all states have fully implemented ELT programs. Currently 18 states offer full ELT services, and ELT is growing.
States encourage ELT because it allows them to increase the speed at which liens are placed on title vehicles—benefiting lienholders and lenders. Lenders are able to reduce back-office operations up to 50%, and the consumer receives a clear copy of the paper title.
Learn more about ELT benefits in the next post in the series, “ELT and You.” Until then, visit etitlelien.com to discover the cost-saving benefits of Premier eTitle Lien™, Decision Dynamics, Inc.’s (DDI) ELT system.