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Lien on Me: CHAMP Titles ELT Will Be Your Friend
By Champ Titles
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 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 via illegitimate means, the lending institution involved might not know about it for more than seven weeks in some states due to a slow paper-ridden process.
The downstream effect of these inefficiencies is a poor experience for 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 waits for the lien release before being able to sell it. 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, CHAMP's technology enables lenders to manage vehicle liens electronically and dealers to file liens electronically when deployed by a state. Its ELT platform improves efficiency, drives down costs provides enhanced security and decreases environmental impact.
CHAMP’s technology provides real-time communication between lien holders financing vehicles in each state and each state's motor vehicle agency eliminates managing 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! Lenders can leverage existing ELT service providers or access CHAMP's ELT web portal for those without one. There is now one standard system across all these states providing operational consistency from state to state!
CHAMP’s platform onboarded certifies ELT service providers enabling easy lender enrollment supports e-lien filing release transfer paper lien lenders conversions.
To date millions of sheets saved costs reduced which enable lower lending rates consumers using this technology
Digital efficiency for lenders here We encourage you take advantage electronic lien title services place four states more come To learn utilize CHAMP's ELT services contact chris.keller@champtitles.com visit www.champtitles.com
August 12th 2024