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LEVERAGE Partners with VINtek for Electronic Liens and Titles


vintek (select to view enlarged photo)

PHILADELPHIA--August 29, 2012: VINtek, a provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, announced it's now the exclusive Electronic Lien and Title (ELT) partner of LEVERAGE, the service corporation for the League of Southeastern Credit Unions (LSCU). The LSCU is the trade association for Alabama and Florida credit unions.

“Our company has been helping financial institutions in Florida transition to ELT for more than 10 years. We are excited for the opportunity to expand this relationship in Florida and eagerly await the introduction of ELT into Alabama as well. "”

This past March, the Florida legislature passed legislation requiring automotive lenders in the state to utilize the Florida Department of Highway Safety and Motor Vehicles' (DHSMV) paperless ELT process by Jan. 1, 2013. LEVERAGE chose to partner with VINtek based on the company's strong presence in the credit union market and partnerships with other leagues.

ELT is an environmentally friendly alternative to paper-based vehicle titles that enables credit unions to receive digital titles from the DHSMV. ELT increases efficiency by saving time and significantly reducing risks of fraud and error.

An information advisory from the DHSMV issued on Aug. 9 stated, "There is a potential for several thousand lenders to enter Florida's ELT program over the next few months, so the DHSMV advises lienholders not to wait until the last minute to contract with a service provider--Lenders who do not allow adequate time to complete the required steps before Jan. 1, 2013 will risk rejection of title applications received by DHSMV after that date."

"VINtek was the natural selection to transition our Florida members to the ELT process and to prepare our Alabama members for the possibility of future introduction of ELT in the state," said Patrick La Pine, CEO of LEVERAGE. "For credit unions, working with LEVERAGE and VINtek on the transition process will greatly reduce the number of staff hours needed to comply by the January deadline."

"We are happy to announce this strategic partnership with LEVERAGE," said Larry Highbloom, president of VINtek. "Our company has been helping financial institutions in Florida transition to ELT for more than 10 years. We are excited for the opportunity to expand this relationship in Florida and eagerly await the introduction of ELT into Alabama as well. "