How does it work now?
- Find lienholder information from policy
- Lookup lender contact information from rolodex
- Call Lender's Help Desk, or access Lender's IVR system
- Say/enter 17-digit VIN
- Request Guarantee Letter from Lender (fax, email, snail-mail)
- Follow-up
- Follow-up
- Send funds to lender (check) with instructions to ship title to agent/auction
- Lender produces pick slip, ships title
- Follow-up
- Follow-up
- If no title, Lender sends Lien Release letter
- Insurer applies for new title
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Lender Holds Lien and Title
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