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VINtek Named Electronic Lien and Title Provider by Texas Bankers Association

November 17, 2009

PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, has been endorsed as the preferred electronic lien and title (ELT) provider by the Texas Bankers Association (TBA) and its for-profit subsidiary, Texas Bankers Association Services Company (TBASCO).

VINtek is currently an associate member of the TBA and will provide ELT services to assist the TBA member banks with their paperless title processing initiatives. Earlier this month, VINtek helped the Texas Department of Motor Vehicles’ (TxDMV) launch a statewide ELT process.

“As a result of the introduction of the Texas Department of Motor Vehicle state-wide ELT process our TBASCO board of directors believed it important to endorse a provider that could service all of our members, from the smallest to the largest,” said Wanda Stevens, director of partner alliances and marketing for the TBA. “After a stringent due diligence process and review of four ELT providers, VINtek was selected as our preferred vendor.”

ELT, an environmentally friendly “green” alternative to paper-based titles, enables lienholders to receive paperless vehicle titles instead of the traditional paper titles.

Paperless titles require no physical storage or postage costs during the lien satisfaction process. Errors and exceptions are also quickly identified and corrected, making the lien easier to manage. With a paperless title, banks are able to reduce title management expenses and allocate fewer staff members to their collateral management departments.

 “We value the TBA’s leadership, advocacy and commitment to member education and are honored to be selected as TBA’s preferred ELT provider,” said Larry Highbloom, president of VINtek. “Due to the implementation of ELT by the Texas Department of Motor Vehicles, auto lenders will begin to see the time and cost saving benefits of paperless ELT titles and we look forward to working with the TBA member banks to implement our ELT solution.”

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