PHILADELPHIA — VINtek announced that has been selected to manage automotive collateral and electronic lien and titling (ELT) for Navy Army Federal Credit Union (NAFCU) through its VINtekTIME platform.
“We selected VINtek as our ELT provider based upon their reputation among other credit unions in Texas and their endorsement by the Texas Credit Union League,” said Alissa Villegas, vice president of lending for NAFCU. “With a strong client roster of military based lenders, it was clear to us that the company understands the unique loan servicing aspects of members of the military, while also handling the needs of our entire member base.”
NAFCU serves more than 90,000 members and manages $1 billion in assets through its 10 branches located in Texas, according to VINtek. Its membership is comprised of the six counties surrounding the Corpus Christi area, as well as military personnel.
ELT replaces paper titles with an electronic exchange of data between the TxDMV and NAFCU, according to VINtek. The program reduces costs via the elimination of paper and automation of manual processes. It also mitigates the fraud risk associated with falsified lien release letters and ensures that a member’s title cannot be lost during the lending relationship.
“As credit unions in Texas continue to embrace ELT, VINtek stands ready to provide them with advanced technology, as well as customer-focused support and education about the process,” said Larry Highbloom, president of VINtek. “We are honored Navy Army chose to entrust its members and their automotive collateral to VINtek and we look forward to assisting the credit union in providing its members with a fast and safe auto buying experience.“