VINtek, a provider of electronic lien and title services, said it is now the exclusive partner of LEVERAGE, the service corporation for the League of Southeastern Credit Unions.
The league represents 298 credit unions in Alabama and Florida.
In March, the Florida legislature passed legislation requiring automotive lenders in the state to utilize the Florida Department of Highway Safety and Motor Vehicles’ paperless ELT process by Jan.1, 2013.
“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 and LSCU president/CEO, in a statement.
An Aug. 9 advisory from the DHSMV said there is a potential for several thousand lenders to enter Florida’s ELT program over the next few months, VINtek said.
Lenders who do not allow adequate time to complete the required steps by the Jan.1 deadline will risk rejection of title applications received by DHSMV after that date, according to the advisory.