Vehicle titles are part of everyday life at a dealership.
For dealers that floor plan, it’s not unusual for vehicle titles to be held off-site. Automotive floor plan companies hold on to titles for asset security, but will often allow the title to be instantly viewable through a company web or mobile app. However, there are instances when a virtual preview doesn’t cut it. A dealer may often need to check a title out so they can complete necessary state work or because they’ve just sold a vehicle. What should a dealer do when they need a title, but the title is in their floor plan company’s possession?
At NextGear Capital there are two different ways dealers can request their vehicle titles; through either the Title Request Program—often referred to as the TRP—or by making a title request via phone or email.
What is the TRP? When should a dealer use it?
The TRP is typically intended for a dealer who has a client coming in to purchase a car, and is planning to pay the car off on their floorplan. When a title is requested on the TRP, a dealer then has seven days to pay the car off, or a payment is automatically pulled. Please note that the TRP is currently only available online via myNextGear.
For dealers who have buyers lined up, or who are planning a sale and expecting to sell and pay off units, the TRP can make it easy to give customers their title the same day as their vehicle purchase. Which in turn, can increase customer satisfaction and chance that they will return for maintenance or for their next car purchase!
When should a dealer call or email NextGear Capital to make a title request?
Dealers should call or email NextGear Capital to make a title request if they need a title for longer than seven days. Typically, this method is best if a dealer needs to complete state work or if they need a title for an inspection.
Average wait time to connect with a NextGear Capital team member on the phone is 10 seconds, and if requested by 5 p.m. those titles will typically arrive by the next day. Dealers can then submit those titles for state work or have them on hand for a pending inspection. Please note that until the vehicle is paid off, NextGear Capital will continue to follow up on the title.
As a general rule, if a title is needed for more than 7 days, contact NextGear Capital by 5 p.m. and the title will typically be sent to the dealership the next day. If a dealer is anticipating selling a certain vehicle and is looking to pay the unit off, use the TRP.
Requesting vehicle titles through either of these two methods ensures that NextGear Capital dealers have a simple and efficient way to request and manage their titles.