PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, has been selected by Union Bank & Trust to provide electronic lien and title services for Nebraska Department of Motor Vehicles' ELT program.
During the pilot phase, Lincoln, Neb.-based Union Bank & Trust will test the electronic transmission of titles with the DMV. VINtek was chosen by Union Bank & Trust due to its previous experience assisting with piloting and launching ELT programs, as well as its extensive history with banks.
“We are thrilled to have the opportunity to assist the Nebraska DMV in launching an ELT program,” said Jeff Vander Linden, senior vice president of consumer lending for Union Bank & Trust. “Through VINtek’s ELT service, we will lower our internal auto lending costs, which will permit us to offer our customers competitive rates and provide better customer service.”
Although participation by automotive lenders in the state is not required, after the Jan. 1, 2011 deadline, certificates of title containing lien information will be stored electronically and no paper copies will be issued to auto lenders.
“We view ELT as a win for everyone,” said Beverly Neth, director of the Nebraska Department of Motor Vehicles. “Financial institutions realize timely lien perfection and release; motor vehicle dealers can reduce their reliance on a burdensome paper process related to the release of liens and production of titles; the consumer is provided with simpler, more reliable services; and the DMV’s data integrity increases. We look forward to piloting this program with Union Bank, a Nebraska-based institution, and with the added expertise of VINtek.”
“The Nebraska DMV’s decision to implement ELT will not only benefit the organization itself, but also the automotive lenders in the state,” said Larry Highbloom, president of VINtek. “ELT reduces postage, storage and supply costs, as well as reduces exceptions and the chances of a title being lost. VINtek is proud to have been chosen by Union Bank & Trust and the DMV as the pilot provider and we look forward to helping them reap the rewards of paperless title processing.”