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Electronic Vehicle Title TransfersAll right, so here it goes again, some more great news from the vehicle title industry. It’s kind of a snowball effect. The dominoes are falling, and more and more states are going to electronic title transfers. And as you know, we’re one of the founding members of the EART Coalition, a group of companies promoting electronic titles. Some of the partners in that group are DocuSign, CarMax, Carvana, companies and industries that have a vested interest in getting vehicle titles into the modern era rather than just old-school paperwork and documents with ink.
Michigan Allows Online Title TransfersSo here’s another state. Vehicle title transfers are now available online. Not just titles, but you can actually transfer them online. So how does this work? In Michigan, residents can now transfer a vehicle title online through a website. To transfer a vehicle online, both the buyer and seller must have a valid Michigan license. So there are a few requirements.
Eligibility for Online Title Transfers in MichiganTo transfer a title online, you must have a paper title. The vehicle must be a car, minivan, or truck. Camping vehicles and ATVs are included. The transaction must be between one individual seller and another individual; it cannot involve companies or co-owned vehicles. The vehicle cannot be financed. Eligibility checks will be performed throughout the transaction, and you can transfer it online.
Expansion of Electronic Title TransfersMore and more states are going to do this. We expect that within the next 12 to 18 months, many states will have vehicle title transfers electronically, which is how everything else is done nowadays. You can buy a house online now; everything is electronic. However, the government is dragging its feet on electronic titles, something we’ve been promoting for years. It’s now starting to come to fruition. Be glad you’re not going to have to deal with old-school paper titles soon. For the moment, you probably still do, but hope is coming. Soon, you’ll deal with the DMV in the same way.
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