New Jersey is set to launch an electronic loan and title system this spring, streamlining the car financing process for both lenders and borrowers. The new system, which has been under testing since May 2024, will allow for faster and more efficient processing of liens and titles.
It will soon be easier to get a car loan in N.J. thanks to a new electronic loan and title system. Anyone who’s bought a new car and hit that triumphant fiscal milestone paying off the loan knows that finally. This spring the state Motor Vehicle Commission will require lenders switch to a process that’s been under testing since last May that will make that process, as well as getting a loan, easier and a little cheaper.
The NJMVC, in partnership with Champ Titles and Tyler Technologies, continues to make progress with the roll out of the Electronic Lien and Title system that we announced in May 2024, said William Connolly, an agency spokesperson. We have established an April 1, 2025, deadline for all lien-holders statewide managing five or more liens annually to use the ELT system. The system allows institutions financing vehicles in the state to exchange lien and title information electronically with the MVC and eliminate the need for manual processing and maintaining paper vehicle titles. ELT allows the lien to be released electronically without the lending institution or customer needing to resolve the lien status by mailing paperwork, physically picking up documents, or making an in-person visit, officials said. In addition to making for a faster process for customers, the new system could even mean a lower rate and easier process for drivers seeking a loan to buy the next vehicle. It means the ability for lenders to put liens on and off titles, Shane Bigelow, CEO of Champ Titles, Inc., said in an interview with NJ Advance Media. Faster means attractive rates and is better for the consumer. The time savings for car buyers, drivers and lenders results from the difference between a paper system and doing the same process all electronically, he said. When a person buys a vehicle, the dealer has to put a lien on the vehicle to secure a financial interest in it. The lender bears that transaction fee cost, Bigelow said
ELECTRONIC LOAN SYSTEM NEW JERSEY TITLE SYSTEM AUTO FINANCING STREAMLINED PROCESS
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