VINtek Offers Electronic Lien and Title Program in Georgia
PHILADELPHIA – VINtek recently announced that it is the first authorized service provider of the Electronic Lien and Title program developed by the Georgia Department of Revenue that officially went live on May 22.
As such, Georgia has been added to the 12 other states that provide ELT as an eco-friendly alternative to paper-based titles.
Lien holders in Georgia, including banks, credit unions and finance companies, can now receive paperless vehicle titles as the Motor Vehicle Division issues data files every day to them versus mailing paper collateral.
"Using paperless titles enhances the security interest process, reduces cost and enhances data privacy because lien information is exchanged electronically between the Motor Vehicle Division and the lender," stated Georgia Department of Revenue commissioner Bart Graham. "Electronic titles also reduce the risk of fraud by eliminating documents that can be stolen or manipulated by a third party."
Added Larry Highbloom, president of VINtek: "Titles created under ELT have fewer errors or exceptions and require no physical storage or postage costs during lien satisfaction processing.
"Borrowers notice a speedier, more reliable process when they satisfy their vehicle loans since paperless titles eliminate the potential of lost titles held in storage by lien holders," he added.
According to officials, Regional Acceptance Corp. is the first lender to implement ELT in Georgia with help from VINtek.
"We look for ways to streamline our lending processes and lower our processing costs in order to benefit our customers, and using VINtek for ELT gives us this opportunity," explained Macon Pierce, document control manager of Regional Acceptance. "Using electronic titles provides us with faster receipt of our liens, faster identification of title errors and zero misplaced paper titles."