PHILADELPHIA--(BUSINESS WIRE)--VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, today announced it provides ELT services for 104 of the 128 Texas credit unions participating in the state’s ELT program, representing an 82 percent market share.
VINtek was selected as the preferred product provider of ELT services by Credit Union Resources, Inc. (Resources), the service corporation of the Texas Credit Union League™ (TCUL), in 2010. Through the partnership between VINtek and Resources/TCUL, credit unions have been provided with the education, guidance and technology needed to replace paper vehicle titles with electronic titles. ELT programs enable credit unions to receive digital titles from the DMV instead of paper titles with liens. ELT reduces paper usage, title storage, manual processing and postage costs, eliminates exposure to lien release fraud and improves member service by eliminating the chance of losing a title.
“We originally selected VINtek as a preferred provider after performing an in-depth due diligence of ELT suppliers who participated in our RFP process,” said Tom Hodge, senior vice president of business development and sales for Credit Union Resources. “We carefully vet any potential supplier seeking the TCUL stamp of approval. It turned out to be the right decision as our relationship with the company has enabled us to help member credit unions seamlessly transition to ELT and quickly see the operational and financial benefits. Our credit union members report very high levels of customer satisfaction with VINtek.”
“Our endorsement by the Credit Union Resources arm of the TCUL has proven to be a great partnership and has played an important role in our capturing such a share of the credit union market in Texas,” said Larry Highbloom, president of VINtek. “From some of the largest credit unions in the state, to the smallest community institutions, ELT provides quick ROI. The time and money saved by removing paper from automotive titling helps credit unions provide better member service in the lending process. We will continue to work with the Resources/TCUL to educate its members on the benefits of ELT and the most cost-effective ways to manage the service. The partnership with Resources/TCUL has proven to be a win for the League, Resources, VINtek and the member credit unions.”
About Credit Union Resources, Inc.
Credit Union Resources, Incorporated is an affiliated company of the Texas Credit Union League. It provides credit unions with a wide array of value-based products and services, helping credit unions become more efficient and effective in serving their members. For more information about Credit Union Resources, Inc., please visit www.curesources.coop.
In its 22nd year, Philadelphia-based VINtek provides automotive collateral management services, ELT and direct auto finance solutions for banks, credit unions and other auto finance institutions. Through its offices in Philadelphia, Las Vegas, Sacramento, Calif., and Troy, Mich., VINtek enables lenders to increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with automotive collateral management through the introduction of innovative consumer loan servicing technologies. VINtek holds three U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services. For more information, visit www.vintek.com.