VINtek Endorsed as Electronic Lien and Title Provider by Nebraska Bankers Association
PHILADELPHIA--VINtek, a provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, announced it has been named as the endorsed electronic lien and title (ELT) provider of the Nebraska Bankers Association (NBA).
“After looking at other ELT vendors, the board endorsed VINtek based on its comprehensive service offerings and willingness to work with individual banks to ensure a successful transition to paperless titles”
Starting Jan. 1, 2011, automotive lenders in Nebraska are required to make their automotive title process electronic, enabling lienholders to receive paperless vehicle titles from the Nebraska Department of Motor Vehicles (DMV), instead of the traditional paper titles. The NBA named VINtek as its endorsed ELT services provider to ensure its members are thoroughly educated about the ELT process and prepared for the deadline in order to streamline the transition for its member banks and their customers.
An ELT program drastically reduces paper usage, alleviates title storage, supply and postage costs, as well as reduces exceptions and the chances of losing a title. With a digital approach to the title process, banks reduce expenses and allocate fewer staff members to their collateral management departments.
“After looking at other ELT vendors, the board endorsed VINtek based on its comprehensive service offerings and willingness to work with individual banks to ensure a successful transition to paperless titles,�?? said Mike Jacobson, chairman of NBA board of directors.
“As banks in Nebraska approach the ELT compliance deadline, it is important that they have the proper training and procedures in place for their staffs and customers to realize the full benefits of paperless titles,�?? said Larry Highbloom, president of VINtek. “We are honored to be endorsed by the Nebraska Bankers Association and anticipate further work with its member banks to take the time- and paper-intensive aspects out of the title process.�??
About Nebraska Bankers Association
The Nebraska Bankers Association, founded in 1890, is a statewide association representing 230 of Nebraska’s 231 commercial banks, 13 of the 14 savings and loan institutions in the state, one trust company, and one limited purpose charter. For more information, visit http://www.nebankers.org/.
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.