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VINtek introduces Dealer Monitoring Program
ORLANDO, Fla. (4/1/09)--VINtek, a provider of automotive collateral management services, has launched its Dealer Monitoring Program, a risk management program for lenders that manages risk and perfects liens from auto dealers. The program helps auto finance providers avoid potential losses due to title exceptions from the liens they fund through their network of dealers. Prior to funding a dealer after a loan is approved, an indirect lender can use the program to ensure the lien will be perfected. The program enables funding of dealers within a day or two of the loan’s approval, but with increased risk management benefits for lenders, VINtek said. “The Dealer Monitoring Program reduces and prevents the accumulation of unperfected liens for auto finance lenders of all sizes,” said Larry Highbloom, VINtek president. “Our process also protects indirect lenders from situations where dealers are closing their doors due to insolvency, yet the lender may be financing a consumer vehicle for purchase with a pre-existing lien that the dealer has not satisfied.” Program fees are variable and can be passed on to the borrowers or dealers at no cost to the lender, VINtek said. VINtek is based in Philadelphia.


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