Georgia Lenders: Second ELT Deadline Approaching

Georgia completes its second phases of staggered electronic lien and title rollout on July 1. At that time, lenders who processed 250 or more titles in 2012 will need to have an electronic lien and title system to be in compliance with state law.

As the deadline rapidly approaches, Decision Dynamics, Inc. continues to enroll Georgia lenders in its easy-to-use Premier eTitleLien™ system. If you are interested in the program, its benefits, or want to learn more about the quality customer-service DDI provides, go to dditechnology.com.

New Florida ELT Law Can Save You Money

If you are a lienholder in Florida, your liens will now be recorded through a progressive new program required by your state:  ELT. If your institution does not currently enjoy the benefits of this exciting new program, Decision Dynamics, Inc. has the right tools for you.

 

Founded in 1998, Decision Dynamics, Inc. (DDI) is a leading national software company offering a secure and reliable electronic title and lien software service. Using the latest technology, DDI offers personalized customer service and always has with the lender’s best interest in mind.

 

Although the Florida legislature now requires lienholder participation in an ELT program, signing up for ELT with DDI can save time and money.

 

“The ELT process can also help lienholders by reducing fraud with other outstanding liens and streamline workload,” Glenn Thames, president and CEO of DDI, says. “But, finding the right vendor is key. You want to find a vendor, like DDI, that charges only the transactions you process with the DMV.”

 

To learn more about DDI and ELT, visit etitlelien.com. DDI is happy to answer any questions as you discover the benefits of ELT.

Image from National Register Agents Inc.

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.