The world continues to shift from traditional services to digital solutions. Electronic titles and digital title companies improve the car buying and selling processes by making them quicker, cheaper, and more convenient.
What Is an Electronic Car Title?
An electronic title, commonly abbreviated as e-title, is a digitized record proving ownership of an automobile. E-title documents and applications are handled the same way as paper titles. You can use an electronic car title in any circumstance a paper copy is accepted. E-titles contain all of the same information as a traditional paper certificate of ownership. The information generally included with a title includes:
- Owner’s personal information
- The vehicle’s identifying information (VIN, make, model, and year)
- License plate number
- Technical information
- If applicable, lien holder’s information to ensure the debt is paid before the sale
As cars age, the information is updated to reflect any changes such as damage or transfer of ownership to give purchasers a clear understanding of the automobile’s history.
How Do E-Titles Work?
Electronic lien and title services (ELT) are the methods by which a state’s department of motor vehicles exchanges vehicle, title, and lien information electronically with a digital title company. Lienholders, digital title companies, and motor vehicle departments communicate with one another to make changes that reflect ownership transfer.
The lender is listed as the lienholder on a title if a buyer uses financing to purchase an automobile. The lienholder remains on the title until the borrower pays the debt in full. Once a lien has been satisfied, the lender notifies the state’s motor vehicle department to modify the e-title. The e-title is stored as a digital record by a motor vehicle bureau and remains an electronic car title until an owner requests a paper title.
The most valuable benefit of electronic titles is removing the need to wait for physical copies to arrive. E-titles can be verified quickly, expediting the entire process. Other benefits associated with electronic car titles include:
- Overnight receipt of lien perfections
- Quicker verification process
- Elimination of the possibility of losing a title
- Reduced labor, postage, and storage costs
Why Are Digital Title Companies Becoming More Popular?
Even before the COVID-19 pandemic, the world was trending towards the convenience and simplicity of digital solutions. This is especially true for digital title companies.
Electronic Lien and Titling systems are designed to assist lienholders and vehicle owners. The ELT system reduces the handling, storage, and mailing costs that come with paper titles. Digital title companies provide lienholders and car owners several benefits, such as:
- Reduced title fraud and counterfeiting
- Reduced paper use
- Decreasing chances of losing a physical copy of a title
- Expedited notification of lien satisfactions
- Reduction in storage space needs
- Access to expedited title printing
- Streamlined customer service
- Reduced operating and storage costs
How Can EZ-ETITLE Enhance Your Digital Title Company?
EZ-ETITLE software can play a significant role in improving the operations of your digital title company. We can seamlessly integrate the software into your existing network to create a more organized title tracker.
EZ-ETITLE is the perfect electronic car title processing tool. Locating a paper title for review or modification can be a drawn-out process. If the title is not filed correctly, the entire process could be put on hold until the title is located or a new one is made. When a digital title company has records stored in a database, a simple search finds the information in seconds. Our search functions also auto-fill information after locating an electronic lien holder, making the process even faster.
The software highlights required fields to make filling out title information easier, and the data is checked for accuracy to ensure users do not submit mistakes to the department of motor vehicles. Paper copies can be scanned into the system to view when needed.
Reports, memos, and receipts can all be accessed and edited quickly and customized to show the data you need.
Can CTMS Simplify E-Titles at Your Digital Title Company?
CTMS created the EZ-ETITLE title management software to make your life easier. Our title tracker makes locating, organizing, and sending title information quick and easy. We know switching to electronic titles saves your company time and money. To learn more, reach out today.
