PHILADELPHIA — Deere Employees Credit Union has selected VINtek as its provider of automotive collateral management services, including ELT.
Moline, Ill.-based Deere Employees Credit Union, with more than $550 million in assets, serves employees of Deere & Company and their families from John Deere locations across the country. The credit union chose to implement the VINtekTIME collateral management system and move to ELT as part of its goal of improving efficiencies by reducing paper usage.
“We are trying to remove paper in every process we can,” said Chad Behnke, underwriting manager for Deere Employees Credit Union. “Through our move to ELT with VINtek, we are eliminating time and cost-consuming paper-based processes, allowing our staff to spend less time on title processing and follow-up and more time serving our valued members.”
The transition to ELT, which replaces paper auto titles with an electronic exchange of data between the credit union and the department of motor vehicles, will allow Deere Employees Credit Union to improve member satisfaction during lien release and cut costs from both paper storage and postage associated with mailing paper titles, according to the company.
Deere Employees Credit Union selected VINtek due to the company’s comprehensive approach to electronic title outsourcing, including title related call support and delinquent follow-up letters. With nearly one-third of the credit union’s auto loan portfolio located in the state of Iowa, Deere Employees Credit Union has also partnered with VINtek as the pilot institution for Iowa’s recently legislated ELT program.