Electronic Lien Titles Proving Popular Among Texas Credit Unions
More than 80% of credit unions participating in the Texas electronic lien and title program are using the services of VINtek through a partnership with a subsidiary of the Texas Credit Union League, the company and league said.
Credit Union Resources Inc. selected Philadelphia-based VINtek as its preferred provider of ELT services in 2010 and now serves 104 of the 128 credit unions in the Lone Star State that participate in the state electronic lien and title program, they said.
Participating credit unions receive digital titles instead of paper from the Department of Motor Vehicles, eliminating the chances of losing a title or being exposed to lien release fraud, VINtek and the league service corporation said. VINtek provides the technology, training and support for Texas participants in the nationwide growth of ELT services.
“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,” said Tom Hodge, senior vice president of business development and sales for Credit Union Resources.
Larry Highbloom, president of VINtek, said, “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.”