PHILADELPHIA — VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced that it completed second lien filings on a fleet of more than 70,000 trucks using its VINtekTIME® technology and performance proven services.
Working on behalf of multiple financial institutions involved in asset based lending, including several of the top five U.S. banks, VINtek’s streamlined, standardized lien filing process managed the accurate recording of second liens on both paper and electronic titles for the rolling stock. By using VINtek’s Business Process Outsource (BPO) services, the lending institutions gained an additional secured position on the assets and also avoided the expense and resource requirements typically required to obtain perfected second liens.
VINtek significantly reduced the time required to record the second liens by arranging to file liens in certain states electronically and also automating pre-populated department of motor vehicle (DMV) forms for other states involved in the transaction. In addition, VINtek seamlessly integrated the printing of checks for disbursements along with their corresponding DMV forms into one batch.
VINtekTIME® provides automotive lenders with an automated virtual title department that saves significant time and money. The platform processes paper and paperless titles, or electronic lien and title (ELT), in a unified system reducing the work for users and enabling exceptions to be flagged and quickly corrected.
“The complexity of managing a transaction this large could have proven challenging for the institutions had they attempted to record the liens themselves,” said Larry Highbloom, president of VINtek. “By relying on VINtekTIME and our BPO division, the process time to record the second liens was cut significantly and after processing by the DMV, VINtek directly received the new titles with the second liens and stored them in our automated paperless and paper vaults. The lenders were only required to verify the transaction totals thus removing their need to devote meaningful resources to this process. We were able to leverage our previous experience with transactions of this scale to protect the lending institutions by filing the liens and storing the titles in a timeframe that was a fraction of the clients’ initial expectations.”
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.