PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, announced an agreement to manage vehicle titles for Santander Consumer USA (SC USA) Inc., resulting from SC USA’s acquisition of the indirect auto loan portfolio of Texas-based Triad Financial.
SC USA’s newly expanded portfolio of auto loans will be managed in VINtek’s VINtekTIME v3.0, a Web-based automotive collateral management system. The system simultaneously processes paperless automotive titles, also known as Electronic Lien and Title, and paper titles and other collateral in one unified collateral management system.
VINtekTIME includes features such as a workflow and task queuing system with timers, due dates and alerts; the integration of Department of Motor Vehicle business rules with document image and file hosting; and expanded user profile configuration utilities.
Dallas-based SC USA, a nationwide lender with a $7 billion nonprime auto portfolio and the owner of the Drive, RoadLoans and Santander Auto Finance brands, specializes in offering financing solutions to borrowers with limited or below-average credit scores. The company transitioned new business title administration responsibilities to VINtek in 2008.
“The decision to transfer the collateral securing the Triad auto loan portfolio from the previous title administration provider to VINtek was an easy one,” said Carolyn Prater, vice president of originations for SC USA. “VINtek’s track record of delivering better customer service, higher title perfection rates, lower processing exceptions and enhanced technology has been incredibly valuable to Santander Consumer USA as we provide automotive financing to non-prime borrowers. It made sense to build on the relationship.”
“VINtek is pleased to have been chosen by Santander Consumer USA to manage the collateral securing these newly acquired assets,” said Larry Highbloom, president of VINtek. “Maintaining high lien perfection rates not only mitigates risk in a volatile environment but also provides better customer service for dealers and consumers during account termination collateral release processing.”