PHILADELPHIA — VINtek, a provider of auto finance services and solutions for lenders, has expanded its direct-to-consumer automotive lending platform to include services for a wide range of lending institutions, from subprime to superprime auto financers.
Through the service VINtek provides institutions, such as Santander Consumer USA Inc. (SC USA), with direct auto finance leads via VINtek’s Tax, Tag and Title Calculator. After estimating their monthly auto loan payment through VINtek’s www.taxandtags.com and additional partner websites, consumers are directed to SC USA’s Website in order to complete a loan application.
In addition to providing the bank with highly qualified leads, VINtek also manages several aspects of the direct lending process for SC USA. Once an application is submitted and approved, VINtek manages document fulfillment, including presenting loan and lien perfection documentation; supports tracking of titles from sellers and other lienholders; and performs document execution quality control, ensuring high lien perfection rates while also alleviating the need for borrowers to spend time at the DMV for registration and titling purposes.
“SC USA’s expansion of direct-to-consumer lending is another example of how VINtek’s platform can be leveraged to a competitive advantage by advanced lenders,” said Larry Highbloom, president of VINtek. “Through the system, subprime as well as super-prime borrowers not only receive new auto loan opportunities, but also benefit from VINtek’s calculation of tax, tag and title fees, documentation fulfillment and lien perfection.
“In addition, their loan products are differentiated from others in the market due to VINtek’s ‘DMV Concierge’ service, which handles titling and registration work for the consumer, enabling borrowers to skip a trip to the DMV. We look forward further expanding our D2C services and helping institutions such as Santander Consumer USA grow their direct auto loan volume.”