How does it work now for the Lender?

1. Dealer / Insurance Carrier calls.
2. Lender uses the 17-digit VIN or account number to look-up the loan record.
3. Lookup identifies the balance due
   • If Dealer, the amount due is given to caller
   • If Total Loss (TTL), Carrier offers an amount that may/may not pay-off loan, then wants to negotiate. When agreement reached, Lender produces a Guarantee Letter - transmits via fax, email, snail-mail.
4. Lender receive funds, usually via check
5. Lender sends title
   • Produces pick slip and retrieves paper title
   • Or, uses ELT system to send instructions to DMV so title will be sent to the appropriate third party