ELT replaces paper titles with an electronic exchange of data between the TxDMV and NAFCU. The program reduces costs via the elimination of paper and automation of manual processes. It also mitigates the fraud risk associated with falsified lien release letters and ensures that a member’s title cannot be lost during the lending relationship.
“We selected VINtek as our ELT provider based upon their reputation among other credit unions in Texas and their endorsement by the Texas Credit Union League,” said Alissa Villegas, vice president of lending for Navy Army Federal Credit Union. “With a strong client roster of military based lenders, it was clear to us that the company understands the unique loan servicing aspects of members of the military, while also handling the needs of our entire member base. Their electronic approach to automotive titling makes car purchasing simple and secure for our members.”
“As credit unions in Texas continue to embrace ELT, VINtek stands ready to provide them with advanced technology, as well as customer focused support and education about the process,” said Larry Highbloom, president of VINtek. “We are honored Navy Army chose to entrust its members and their automotive collateral to VINtek and we look forward to assisting the credit union in providing its members with a fast and safe auto buying experience.“
In its 21st year, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. Through its offices in Philadelphia, Las Vegas, Sacramento, Calif., and Troy, Mich., VINtek helps lenders increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with collateral management through the introduction of innovative consumer loan servicing technologies. VINtek holds three U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services. For more information, visit www.vintek.com.