PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, announced that its electronic lien and title (ELT) management services are active in Louisiana and serve 13 financial institutions in the state.
Louisiana legislation mandated that beginning Jan. 1, 2010, participation in the Louisiana Office of Motor Vehicles’ (OMV) Electronic Lien and Title program was required for automotive lenders. VINtek has interfaced with Casey and Casey AutoTitle Express, a public tag agent, for exchange of title data with the OMV.
ELT, an environmentally friendly “green” alternative to paper-based titles, enables lienholders such as banks, credit unions and captive and non-captive finance companies lending in Louisiana to receive electronic vehicle titles instead of the traditional paper titles from the OMV. The paperless process reduces postage, storage and supply costs, as well as reduces exceptions and the chances of a title being lost.
“The ELT program serves as an environmentally friendly solution that also alleviates time and cost barriers in the automotive title process,” said Dan Casey, president of Casey and Casey. “By partnering with an ELT provider such as VINtek, Casey and Casey and the Louisiana Office of Motor Vehicles, are ready to assist lenders with making the transition to paperless titles.”
“Louisiana joins 14 other states that have adopted ELT as a cost effective alternative to paper-based liens and titles,” said Larry Highbloom, president of VINtek. “In today’s economy, states are reducing their budgets by downsizing staff and minimizing paid hours. By implementing ELT statewide, the Louisiana OMV can cut cost without compromising service quality.”