Understanding the ELT Program
As more and more business owners continue needing loans, banks and loan companies will need a type of collateral to ensure payments are made. Collateral typically includes an owner’s house, but not all business owners are homeowners. To combat this issue, automobiles can also be used as collateral. When taking out a loan, a business owner can add the bank or loan company as a lienholder. In order to do so, they must go to the DMV and add the bank or loan company as a lienholder, which can be time-consuming and inconvenient. “DMV developed the Electronic Lien and Titling (ELT) Program to hold lienholders’ title information in an electronic format. This system uses electronic titles in place of paper titles to reduce handling, storage, and mailing costs.” -DMV In…