Legislation just signed in North Carolina directs the Division of Motor Vehicles (aka NC DMV) to start an electronic title and lien program by July 2014. Within a year of implementation, banks, credit unions and other automotive lenders in the state will begin to replace their paper liens with an electronic exchange of data with the NC DMV. North Carolina would be the 20th state to do so.
Motor Vehicle departments, as with virtually all government agencies, have missed the computerization and web based customer contact developments that corporations have instituted during the past decade. North Carolina, the tenth largest state in terms of new annual vehicle registrations, is considering outsourcing the work to Vintek, a provider of auto collateral management, electronic title and lien services and direct finance processing.
Rather than using internal resources to fund the design, development and ongoing operation of ELT, the NC DMV retains the option to select a third party supplier(s) to develop and manage the system at no cost to the state. As the tenth largest state in terms of new annual vehicle/truck registration, an opportunity exists for the state of North Carolina to reduce operating costs, increase customer satisfaction and reduce fraud through the elimination of paper vehicle titles with liens.
Vintek says its lender customers to increase satisfaction and operating efficiency while decreasing costs and errors associated with automotive collateral management through the introduction of its patented consumer loan servicing technologies.
