VINtek Champions Cost-effective, Green Legislation to Make California a Paperless Auto Lien and Title State

PHILADELPHIA--VINtek (www.vintek.com), a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, announced that after providing electronic lien and title (ELT) services in California for seven years, it has assisted with the drafting of ELT legislation in the state which was signed into law by Gov. Arnold Schwarzenegger on Oct. 11, 2009.

California Assembly Bill 1515 Vehicles: Electronic Lien and Title Program requires that the director of the California Department of Motor Vehicles (DMV) develop a mandatory Electronic Lien and Title (ELT) program by Jan. 1, 2012, if the director finds that ELT is more cost-effective than the current paper-based process. California currently offers a voluntary ELT program, which according to the DMV, is used for approximately 10 percent of titles issued with liens in California.

“VINtek commends the California government for advancing ELT in the state to become more environmentally friendly, as well as cost-effective,” said Larry Highbloom, president of VINtek. “As states wrestle with budget gaps some, such as California, have resorted to furloughs in the DMV division which impacts customer service. ELT will enable DMV’s to reduce costs in a less disruptive and more sustainable way. Efficiency is increased throughout the DMV by moving from a paper-based process to a completely paperless system. The DMV not only saves trees but also eliminates unnecessary costs associated with handling paper documents such as postage, supplies and handling expenses.”

VINtek provides automotive lenders with collateral management services including electronic lien and title (ELT) technology, a “green” initiative that replaces paper titles with digital data for lienholders and business process outsource (BPO) administration of automotive collateral.

About VINtek

Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. 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 two 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.