Welcome to the new Lien Solutions blog – insights and resources to help professionals reduce risk and shape the future of their business. You’ll find articles on thought leadership, practical tips, and an exchange of ideas that drive innovation and better outcomes.
Paper titles are cumbersome and inefficient. States have different requirements regarding who must keep the documents, many vehicle owners lose the paperwork and making changes can be time-consuming and expensive. You want to encourage car and truck owners to complete the title and registration process to secure your lien and prioritize your interest over other […]
Because of our unique position in the vehicle finance sector, we have had the opportunity to witness some fascinating trends in the vehicle purchase and usage process, driven in large part by today’s younger generations.
Title washing continues to be a problem for lenders across the US. A title washing scandal made the news as recently as August 2019 when Illinois authorities uncovered a scam in which participants used fake “Release of Lien” documents to get clean titles, according to ABC 7. This form of fraud spikes after natural disasters like hurricanes and floods damage many vehicles — but it can happen anywhere, at any time.
Competition has increased, especially from credit unions. Credit unions now account for almost two-thirds of refinanced motor vehicle loans, and that increase has come at the expense of independents and captives. Delinquency rates are up. Waning demand is another factor, as years of growth have satisfied any pent-up desire for vehicles. In this dynamic landscape, […]
Accuracy during the lending process is important; unfortunately, title washing can get in the way of learning about a car’s past. You want to know as much about the vehicle as possible to calculate its value and ensure you’re not lending the borrower more than the vehicle’s worth. Determining the vehicle’s true value, though, requires you to find the vehicle’s real title and history.
In part 1 of this series, we discussed how the motor vehicle process makes things difficult for borrowers to title and register cars and trucks, as well as how that can negatively impact you, the lender. Today we’ll examine another roadblock that obstructs successful motor vehicle management: Electronic Lien and Titling (or ELT for short). […]
The biggest hurdles were managing the high volume of lien perfection and follow up: verifying that perfection was attained, keeping track of paper files, making sure all steps were completed, and then maintaining the liens over time. Difficulty working with state DMVs and the subsequent hours spent on forms, submissions and follow-ups was another source […]
Once you approve a borrower and they finalize their purchase, it’s in your best interest to perfect your lien on the vehicle. All states require a motor vehicle’s certificate of title to note your lien for you to become a secured creditor. But for the title to include your interest, the new owner must register the vehicle with the appropriate department of motor vehicles in their state.
Wolters Kluwer’s Lien Solutions is excited to share the following webinar called Simplifying Titling with Tax and Fee Estimates. It provides a detailed look at how tax and fee estimates can streamline your motor vehicle title management program.
Lenders have been getting short-changed from motor vehicle title service providers who have been slow to understand the unique needs of lenders in the titling process.