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Electronic Lien Transfer Program Business User Manual

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The document is a Business User Manual for New York State's Electronic Lien Transfer (ELT) Program, which outlines the procedures and benefits of electronically exchanging lien data between the Department of Motor Vehicles (DMV) and lienholders. It details various transaction types such as lien filing, release, cancellation, amendment, and collateral loan filing, along with the required data for each transaction. The manual emphasizes the advantages of electronic processing over traditional paper methods, including reduced risk of errors, improved efficiency, and cost savings.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is New York an ELT state?

New York States Electronic Lien Transfer (ELT) Program provides an electronic method for the Department of Motor Vehicles (DMV) and lienholders to exchange lien data.

Can a lien be transferred to another person?

In some cases, the lien can be transferred directly to the buyer. The buyer will have to qualify to assume contract with the lending institution that holds the lien, and the fee for the transfer may be about 2 percent. But this is a secure way of dealing with the lien that protects all parties from fraud.

How do I get a lien release from a company that no longer exists?

If the bank failed within the last two years and another bank purchased or acquired the failed bank, you should contact the acquiring bank (see the Failed Bank List). If the lien is for a subsidiary of a failed bank, the FDIC may also be able to assist you. Please contact FDIC DRR Customer Service at 888-206-4662.

How does a lien transfer work?

In cases where a lien exists, the escrow agent will: Hold sale funds: The escrow agent will retain the funds necessary to settle the lien. Pay the lienholder directly: The agent will send the payment to the lienholder and secure a release document.

How do you transfer ownership of a car with a lien?

You may be able to take over the loan from the seller, but this can be complicated. Some lenders dont allow auto loan transfers. The lender will need to run a credit report and check your qualifications to start for those who do. Ask about any fees required.

What does ELT mean in lien?

Electronic Lien and Title (ELT) Program. The Electronic Lien and Title (ELT) program provides paperless vehicle titles to participating financial institutions.

How much is it to transfer a title in Illinois?

Either the buyer or the seller can transfer funds to the lender to pay off the loan and documents can be executed to transfer ownership to the buyer, usually in one sitting. Regardless of whether its a big or small lender, call ahead to ensure someone in the local office is available to facilitate the transaction.

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