PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, announced that Lorain, Ohio-based The Lorain National Bank, a subsidiary of LNB Bancorp, selected VINtek as its electronic lien and title (ELT) technology provider for paperless vehicle titles.
ELT, an environmentally friendly “green” alternative to paper-based vehicle titles, enables The Lorain National Bank to receive paperless vehicle titles instead of traditional paper titles from the Ohio Bureau of Motor Vehicles. The bank selected VINtek in December 2008 and began ELT implementation earlier this year.
“We selected VINtek as our paperless title technology provider after looking at other options because VINtek offers the capabilities, pricing and customer support that fits the needs of a community bank our size,” said Melissa Kinlin, associate vice president, loan center supervisor at The Lorain National Bank. “Using ELT from VINtek enables us to reduce title management expenses and allocate fewer staff members to our collateral management department.”
“Community financial institutions such as The Lorain National Bank can greatly benefit from paperless titles because they require no physical storage or postage costs during lien satisfaction processing,” said Larry Highbloom, president of VINtek. “They are also easier to manage because errors and exceptions are more quickly identified and corrected. Spotting and correcting errors is especially important because banks may have difficulty repossessing vehicles used as collateral for automotive loans if titles contain errors.”