VINtek Offers Electronic Lien and Title Processing in Louisiana

Assists lenders with preparing for Louisiana Legislation making ELT mandatory

PHILADELPHIA--(BUSINESS WIRE)--VINtek, a provider of automotive collateral management services for banks, credit unions and other automotive finance lenders, announced that its ELT title management services are active in Louisiana and it now serves 13 financial institutions in the state.

“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 Legislation LA R.S 32:707.2 was passed in 2008 and mandated that beginning January 1, 2010, participation in the Louisiana Office of Motor Vehicles’ (OMV) Electronic Lien and Title (ELT) 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.”

About VINtek

Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and business process outsourcing for banks, credit unions and other auto finance institutions using paper or electronic titles. A provider of Electronic Lien and Title (ELT) technology, VINtek helps lenders increase efficiency, decrease costs associated with account management and reduce errors and exceptions on title liens through automation. For more information, visit http://www.vintek.com/.