Valley First Credit Union Switches to VINtek ELT Services
PHILADELPHIA--December 14, 2011: VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced that Modesto, Calif.-based Valley First Credit Union selected VINtek as its ELT technology provider to better manage members' automotive titles.
“Implementing an ELT program is the first part of a journey to eliminate dependence on paper”
Valley First Credit Union serves nearly 53,000 members through eight locations in California. In 2006, the credit union implemented ELT to reduce the amount of paper involved in its auto lending process. At the time, only 10 percent of the existing paper-based auto loan portfolio was converted to electronic titles. The credit union was seeking an ELT provider that could manage converting the remaining paper portfolio to electronic titles and would also be a hands-on partner for its ongoing ELT needs.
Valley First switched to VINtek's ELT service based on VINtek's reputation as an advocate for electronic vehicle titles as well as references from other credit unions. VINtek successfully converted more than 10,000 paper titles to active ELT records, significantly reducing the use of paper in the Valley First title department. ELT also automates the day-to-day flow of title data, which enables staff to focus on exceptions sooner and provide a better member experience.
"We made the change to VINtek as our ELT provider because they made the process easier," said Paul Emanuels, vice president of lending at Valley First Credit Union. "With ELT, we have no paper title to receive and store and when our member satisfies the underlying loan, the DMV sends a clean title to the borrower. Our ability to electronically track titles has helped us increase efficiency and dedicate more time to serving our members and less time dealing with the paper title chase."
"Implementing an ELT program is the first part of a journey to eliminate dependence on paper," said Larry Highbloom, president of VINtek. "To realize the full benefits of removing paper from the credit union, it is just as important to convert the existing paper portfolio to ELT as it is to receive electronic titles on new loans. ELT helps institutions such as Valley First Credit Union better utilize their resources. VINtek is proud to be working with Valley First and we look forward to identifying additional efficiency opportunities to benefit the organization and its members."
In its 21st year, Philadelphia-based VINtek provides automotive collateral management services, ELT 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 automotive 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 Vintek.