Republished from AFSA
It is the reality of every business: Faster transactions mean faster payments. In the case of the AFSA community, the quicker the lender can add or release a lien, the quicker the dealer gets paid.
There is only one way to speed things up in the modern world: improve efficiency. The best way to achieve that is through digitization.
In the current state of the vehicle ecosystem, paper is not the friend of a lender. A manual process, such as printing paper liens or titles, is a waste of an employee’s time and of a storage facility’s space and cost. Add in mailing expenses, and the total cost of filing, perfecting, and eventually releasing a lien is high in the paper world.
In lending, however, paper is not the only enemy; fraud is a foe as well. For example, if a bad actor gets an auto loan vie illegitimate means, the lending institution involved might not know about it for more than seven weeks in some states, all due to a slow paper-ridden process.
The downstream effect of these inefficiencies is a poor experience for the good customers. A car buyer who has paid off their vehicle loan needs a clean title. A dealer, who takes a vehicle in on trade is waiting for the lien release before being able to sell the vehicle. But imagine if the lender could programmatically release that lien from their system, giving the dealership a new digital title in minutes.
Goodbye slow, paper turnaround! Hello, CHAMP Titles, the ultimate companion to lenders and their service providers.
In short, the company’s technology, when deployed by a state, enables lenders to manage vehicle liens electronically and dealers to file liens electronically. Its ELT platform improves efficiency, drives down costs, provides enhanced security, and even decreases the environmental impact of paper liens and titles.
CHAMP’s technology provides real-time communication between lien holders financing vehicles in each state and the state’s motor vehicle agency, eliminating the need to hold and manage secure paper titles.
For all small and large volume lenders, CHAMP’s ELT services are now available in West Virginia, New Jersey, Illinois and – very soon – Kentucky! You can leverage existing ELT service providers or, for lenders without a provider, access the ELT web portal. For the first time, there is one standard system and set of protocols across all of these states thereby providing lenders and their service providers with something for which they have longed – operational consistency and ease of use from state to state!
CHAMP’s platform onboards and certifies ELT service providers and enables easy lender enrollment. The system supports e-lien filing, release, and transfer, paper lien lenders, and paper-to-e-lien conversions.
To date, it has saved millions of sheets of paper and reduced costs for lenders, which in turn enables lower lending rates for consumers in states using this technology.
Digital efficiency for lenders is here. We encourage you to take advantage of the electronic lien and title services that have been put in place in these four states and more to come. To learn how you can utilize CHAMP’s ELT services, contact [email protected] or visit www.champtitles.com.
