PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, announced that Richardson, Texas-based Texans Credit Union and Austin, Texas-based Amplify Credit Union selected VINtek as their electronic lien and title (ELT) technology provider for paperless vehicle titles.
ELT, a cost-effective, environmentally friendly alternative to paper-based titles, enables lienholders to receive electronic titles from their state’s Department of Motor Vehicles (DMV), instead of the traditional paper titles. In early November, the Texas Department of Motor Vehicles (TxDMV) introduced a statewide ELT program. Texans Credit Union, with $1.6 billion in assets and 30 branches, chose to join the TxDMV ELT program and selected VINtek as its service provider.
“With paperless titles, Texans Credit Union can issue and release titles much more efficiently for borrowers that reside in Texas and rely on VINtek’s fully compliant system, which is used throughout the country, to serve non-residents without spending time researching the unique ELT guidelines of each state,” said Craig Thomas, vice president of loan operations for Texans. “This simplifies the way we manage auto liens and gives us more time to focus on the needs of our members.”
Amplify Credit Union, with $532 million in assets and five branches, was looking for an ELT solution that provided ease-of-use and a reduction in manual labor by staff.
“We chose VINtek’s ELT service for its ease-of-use, auditing efficiency of existing paper titles, and cost-effectiveness. Amplify members will receive improved service as lien placements and lien releases are handled faster and more efficiently,” said Lisa Larson, assistant vice president of operations at Amplify.
“Credit unions have remained a model of auto lending during these uncertain times and implementing ELT ensures Texans and Amplify are able to continue to enhance the service they provide to their members,” said Larry Highbloom, president of VINtek.
“Using ELT reduces paper and storage costs, eliminates postage, and electronic titles are easier to manage because errors and exceptions are quickly identified and corrected. We look forward to working with these two leading credit unions and other institutions in Texas to deliver the cost-saving and environmental benefits of ELT,” he added.