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.
