PHILADELPHIA--(VINtek, a provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, announced it’s now the exclusive Electronic Lien and Title (ELT) partner of LEVERAGE, the service corporation for the League of Southeastern Credit Unions (LSCU). The LSCU is the trade association for Alabama and Florida credit unions.)--
“VINtek was the natural selection to transition our Florida members to the ELT process and to prepare our Alabama members for the possibility of future introduction of ELT in the state”
This past March, the Florida legislature passed legislation requiring automotive lenders in the state to utilize the Florida Department of Highway Safety and Motor Vehicles’ (DHSMV) paperless ELT process by Jan. 1, 2013. LEVERAGE chose to partner with VINtek based on the company’s strong presence in the credit union market and partnerships with other leagues.
ELT is an environmentally friendly alternative to paper-based vehicle titles that enables credit unions to receive digital titles from the DHSMV. ELT increases efficiency by saving time and significantly reducing risks of fraud and error.
An information advisory from the DHSMV issued on Aug. 9 stated, “There is a potential for several thousand lenders to enter Florida’s ELT program over the next few months, so the DHSMV advises lienholders not to wait until the last minute to contract with a service provider…Lenders who do not allow adequate time to complete the required steps before Jan. 1, 2013 will risk rejection of title applications received by DHSMV after that date.”
“VINtek was the natural selection to transition our Florida members to the ELT process and to prepare our Alabama members for the possibility of future introduction of ELT in the state,” said Patrick La Pine, CEO of LEVERAGE. “For credit unions, working with LEVERAGE and VINtek on the transition process will greatly reduce the number of staff hours needed to comply by the January deadline.”
“We are happy to announce this strategic partnership with LEVERAGE,” said Larry Highbloom, president of VINtek. “Our company has been helping financial institutions in Florida transition to ELT for more than 10 years. We are excited for the opportunity to expand this relationship in Florida and eagerly await the introduction of ELT into Alabama as well. “
About LEVERAGE, the LSCU Service Corporation
LEVERAGE, the Service Corporation for the League of Southeastern Credit Unions, is the business services provider that leverages credit union system resources, relationships, and industry knowledge for optimal performance and sustained growth of its clients and business partners. We work to offer credit unions best-in-class products and services that result in reducing costs, maximizing results, and making the most difference. For more information, visit myleverage.com or follow LEVERAGE on Twitter
In its 22nd year, Philadelphia-based VINtek provides automotive collateral management services 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 helps lenders increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with collateral management through the introduction of innovative consumer loan servicing technologies. VINtek holds two 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.