Wisconsin Latest to Enter Electronic Lien, Title Territory
Just in time for phase one of Wisconsin’s new electronic lien and title program, VINtek said it was recently approved as a provider of the services.
The Philadelphia-based firm provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions.
As a result of Wisconsin Act 32 passed in 2011, any automotive title with a lien will be sent to the lienholder, not the borrower, as was previously the practice, according to VINtek. This change went into effect on July 30.
The first phase of Wisconsin’s implementation supports electronic delivery of titles with liens for lenders who sign up with an authorized service provider. Phase two, which is scheduled for implementation by the end of the year, will support lien releases and other functions.
VINtek said lienholders who sign up for ELT can avoid receiving paper titles and instead will receive a digital record with the lien and title information.
With the addition of Wisconsin, 17 states, including Georgia and Florida, have now adopted an ELT program, according to VINtek.