PHILADELPHIA (6/27/13)--VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced the signing of its 3,000th ELT customer.
The company also retained its first client, Pennsylvania State Employees CU, Harrisburg, Pa., which it signed in 1997.
ELT replaces a paper title and lien with data exchanged electronically between a department of motor vehicles and a lienholder. The cost savings and reduction in exposure to fraud are motivating state legislators to implement ELT programs. To date, 19 states have the programs, with Florida, Georgia and Wisconsin recently passing legislation requiring most, if not all, lienholders to participate in their ELT programs. Iowa is the latest state to initiate implementation of an ELT program for lienholders.
"We were VINtek's first ELT client in 1997 when Pennsylvania introduced the program and have had a strong partnership for 16 years," said William Zysk, Pennsylvania State Employees CU vice president of lending. "ELT has continued to create efficiencies in our organization and VINtek has been with us from day one."
In its 23rd year, Philadelphia-based VINtek serves credit unions, banks, and other auto finance institutions. It has offices in Philadelphia, Las Vegas, Sacramento, Calif., and Troy, Mich.
VINtek holds two U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services.