ELT and You

If you live in a state that has an Electronic Lien and Title (ELT) program, benefits abound. Keeping track of a paper title or applying for a duplicate title to replace one that was lost is now an activity of the past.

Lienholders joining an ELT program will benefit from:

• Cost savings as the electronic records will not require the same handling, storage, and mailing as paper titles
• Reduced administrative burden for processing and filing paper titles
• Improved data accuracy
• Improved timeliness of data exchange
• Improved data and forms security
• Better customer service 

Learn more about the cost-saving benefits of Premier eTitlelien, Decision Dynamics Inc.'s (DDI) ELT system, at etitlelien.com.

All About ELT

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.

ELT Users: Paying the TAVT

 

 

Many DDI ELT participants have asked questions on how a lender will pay the new Georgia tax.  You will find helpful details below:

 

 

Vehicle Owners

A vehicle owner can submit payment to the county in which he or she registers the vehicle and applies for a title and registration.

 

Dealers

If a vehicle is purchased at a dealership, the dealer will accept the application for the title and TAVT payment on the purchaser’s behalf and deliver the title application and TAVT payment to the county tag agent.

 

The dealer has 10 days from the date of purchase to remit the title application and TAVT payment to the county agent. If the payment is sent later than 10 days from the date of purchase, the dealer is liable for 5% of the TAVT owned plus an additional 5% for each month the payment the payment was not remitted. If the payment is not sent within 30 days of purchase, a second penalty applies.

 

Non-Dealer Sales

 

For casual vehicle purchases, the buyer must remit the application for the title and the TAVT payment within 30 days of the purchase of the vehicle. If the buyer does not pay within 30 days, a penalty of 10% of the amount of the TAVT owed plus an additional 1% per month for every month the payment is late will be owed.

New Vehicle Tax for Georgia Residents

On March 1, 2013, a new method of taxation for certain motor vehicles in Georgia will go into effect, according to Georgia House Bill 386. This vehicle tax, the TAVT, will replace the state sales, use, and annual ad valorem taxes with a one-time tax imposed on the fair market value of each vehicle.

 

Owners who purchased motor vehicles on or after March 1, 2013 and titled them in Georgia will be eligible to pay this tax. However, if a vehicle was purchased between January 1, 2012 and March 1, 2013 and titled in Georgia, the owner is also eligible to opt in to the new system and pay the TAVT.

 

Please note that this new tax will not apply to:

·         Corrected titles

·         Replacement titles

·         Titles issued to the same owner

·         Vehicles acquired by veterans who would receive an exemption from the ad valorem tax

 

To learn more, visit the Georgia Department of Revenue at http://onlinemvd.dor.ga.gov/Tap/faqs.aspx.

Easy Transition to ELT in Georgia with DDI's Help

It can take time to implement new programs in the workplace, but Decision Dynamics, Inc. (DDI) makes its customers' transitions to Premier eTitlelien™ simple and easy.

As the New Year began, DDI once again smoothly transitioned customers to its electronic lien and title program (ELT) in Georgia, Florida, and California in accordance with their new state laws.

Even more Georgia lenders will discover the benefits of electronic lien and title programs by July 1 of this year. At that time, lenders with 200 or more security interests or liens must have an ELT program in place according to Georgia law. By January 1, 2014, lenders with five or more security interests will also need to be enrolled in an ELT program.

To learn more about what DDI, ELT, and its Premier eTitlelien™ program can do for your business, go to etitlelien.com.

DDI and ELT in 2012: Year in Review

 

2012 was full of positive growth and change for ELT states and Decision Dynamics, Inc.

With DDI’s support, California, Florida, and Georgia, spent the year preparing for mandatory ELT. (In 2013, these states will require lienholders, with the exception of smaller Georgia lienholders, to participate in an ELT program.)

Wisconsin began expanding its ELT programs in July, and in October, South Dakota implemented its own ELT system. As an approved ELT provider for South Dakota, DDI worked closely with the state’s Department of Revenue as they developed their system.

In September, DDI’s 2,000^th customer signed up for ELT services, and the following month the Georgia Banker’s Association renewed its partnership with the company.

What will 2013 bring for ELT? Check back before the New Year to learn more.

California, Florida, and Georgia mandatory ELT deadline Jan. 1

 

Lenders in California, Florida, and Georgia have approximately three more weeks to enroll in an electronic lien and title program to meet the Jan. 1, 2013 mandatory ELT deadline. DDI has been working closely with lenders in these states and across the country to ensure all are prepared for these deadlines.  To learn more about each state’s program, visit the websites listed below.

 

California: http://www.dmv.ca.gov/vr/eltp.htm

Florida: http://www.flhsmv.gov/dmv/elt.html

Georgia: http://motor.etax.dor.ga.gov/motor/Elien.aspx