PHILADELPHIA – VINtek, a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, processed a record number of lien applications in the first quarter 2009.
These applications from financial institutions were for their portfolios of commercial vehicles such as tractors, trailers and other rolling stock that serve as collateral for various asset-based lending facilities. This represents the highest volume of lien perfection applications for rolling stock that VINtek has filed during its 20-year history.
The company’s automated lien perfection and collateral management technologies meet the immediate demands of large commercial lenders who want additional risk management processes in place. For example, VINtek filed for one large national lender more than 110,000 lien perfection applications in all 51 U.S. jurisdictions during a 33-day window.
“VINtek currently offers lien perfection services on asset-based lending collateral to three of the country’s top five commercial banks because these organizations see the need to diligently protect not only their interests in consumer auto lending, but also in their commercial lending activities,”said Larry Highbloom, president of VINtek.
“Lenders who previously accepted blanket liens on corporate assets are now obtaining liens on each individual item of rolling stock due to concerns that the current economic climate may potentially lead to borrower defaults. VINtek is able to react on short notice and provide the added risk management benefits the financiers are seeking.”
In addition to filing liens on rolling stock, VINtek also securely stores title collateral and acts as the collateral custodian for the lender.