California Bankers Association Endorses VINtek’s Electronic Lien and Title Solutions
Association taps VINtek’s ELT services in preparation for 2012 mandate deadline
PHILADELPHIA — VINtek, a provider of automotive collateral management, electronic lien and title (ELT) and direct auto finance solutions, has been named the exclusive endorsed ELT provider of the California Bankers Association (CBA).
In 2009 the California legislature passed a bill mandating the use of ELT by automotive lenders in the state by Jan. 1, 2012. As such, CBA’s member-banks must implement an ELT program that replaces paper titles with digital versions. VINtek was chosen for a strategic partnership with CBA after a thorough due diligence process based on its experience transitioning banks of all sizes to ELT.
“Our strategic partner program identifies the vendor with the highest quality products and services in a service category. Partners are selected based on their ability to meet our high expectations for product and service quality,” said Rod Brown, president and CEO of the CBA. “After contrasting VINtek’s range of capabilities against those of other providers, VINtek was the clear leader in virtually every category we examined.”
California maintains the highest vehicle title volume in the country. An ELT program reduces paper usage, title storage and postage costs, and reduces exceptions and the chances of losing a title. A digital approach helps banks reduce expenses and allocate fewer staff members to their collateral management departments.
“VINtek has assisted lenders in California with ELT programs for more than seven years,” said Larry Highbloom, president of VINtek. “With the mandate deadline approaching, we look forward to working with CBA’s members to put the proper training and procedures in place to make a seamless transition to electronic titles. We appreciate CBA’s trust in VINtek to help banks in California reduce expenses and save time by taking the paper out of the vehicle title process.”
About the California Bankers Association
Established more than 119 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA develops relevant educational and legislative solutions to some of California’s more pressing financial and banking issues. CBA’s membership includes nearly 200 of California’s commercial, industrial and community banks and savings associations. For more information, visit www.calbankers.com.
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.