Slowly but surely, society is moving beyond paper. More and more of our documents and records are being maintained electronically. Recently, many states have been moving over to using the e-title, or electronic car title.
Now instead of keeping the title in the glove box, it will be on your phone.
How Does the E-Title Work?
The car title paperwork is the legal document that proves ownership of your vehicle. If you own it free and clear, then it is in your name. If you are still paying it off, then the title is listed to the lender (called a lien) and to you.
The e-title is also a legally binding document proving ownership. Being electronic is exists not only in your phone or computer, but also as a part of state and federal databases.
This means that police will be able to look up your title to verify it. It also means the government offices like the DMV will have that title at their fingertips, so you won’t have to worry about presenting it.
Benefits and Drawbacks
The e-title is of course more convenient than a physical copy. It cannot be lost damaged or stolen, and the format also greatly reduces the possibility for fraud or counterfeiting. This kind of title cannot be forged!
It also increases the availability of the document. It is faster to submit and process when needed, at a lower cost than paper copies require.
The biggest drawback is that when the owner decides to sell the vehicle, or transfer ownership to someone else, they still need the paper copy of the title. This may require a few days for the official document to be printed and delivered.
If you have an e-title, and are considering a car title loan, call our San Juan offices and speak to one of our loan experts. We can help you navigate the system, so the electronic title does not slow down your loan.