In the auto finance world, unless you currently outsource the management of your vehicle titles, a whole team of people in your office spend their days tracking the status of the vehicle titles with the Department of Motor Vehicles. The certificate of title is your security and your proof that you have an interest in this property. For almost 100 years, U.S. DMVs have issued a paper title, and lenders have had to find ways to secure, maintain and track their asset.
Being in the business of managing these assets seems counter-intuitive to the auto finance business. Or at least, you did not get in the business to worry about this tedium. It is true. Your securitization folks like to have the paper close at hand. You can walk into your “vault” or open the fireproof file cabinet, and you can see your business right there. You can also see the employees you hired to manage these same assets. These same employees have to keep up with 51 State jurisdictions and regulations, and the changes taking place in each.
There is value in having an expert manage these titles for you. You eliminate risk by moving these paper or electronic assets to a secure location and place the follow up with DMV to those whose job is to keep up with the DMV.
Contact PDP Group, Inc. to learn about how these changes impact your business.
