Financial Institutions: Protect Your Investment with DMV123!
for Financial on Wednesday, July 1, 2015 by Beth WilliamsAs a financial institution, keeping track of property to which you have a lien attached can be a challenge – especially when it has four wheels and can easily move all over the country!
DMV123 offers real-time motor vehicle registration, title, and lienholder information from 33 states (and growing). It’s an invaluable tool for keeping an eagle eye on that investment! Through a direct connection with DMV databases, ADD offers the most current information for lenders to determine ownership and lien obligations for a vehicle, and most importantly, ensure that YOUR lien remains attached to the vehicle until it is paid.
From the start of the deal to the day a lender receives the final payment using DMV123 to verify information – in real time – is vital to protecting your investment. And, ADD combines the National Motor Vehicle Title Information System (NMVTIS) reports with national theft and lien data to create the National Title Pointer allowing financial institution to keep track of vehicles that may get retitled in a new state.
Many states don’t offer a simple way for a lienholder to verify that their lien was and/or remains properly recorded. Many lienholders utilize ADD’s data searches as part of their collateral recovery process. Typically, when a customer stops paying and is unresponsive, lienholders use the Title Pointer to find the most recent state of title. Once the state of title is identified, lenders can run a real-time record search on DMV123 to retrieve current owner and lienholder information with addresses. This information is invaluable to the recovery agent and can help lower repossession costs.
And don’t forget about LIENLOCK123! This service is available exclusively to ADD customers and offers a continuous lien monitoring system that tracks critical vehicle information such as national theft reports and other important events.
Protect your investment using ADD’s easy to use, cost-effective tools. It’s as easy as 1, 2, 3!
For more information, email ADD or call one of our friendly and knowledgeable customer service representatives at 855-300-3455 . Se habla español.