VINtek, a provider of electronic lien and title services, has signed on the $550 million Deere Employees Credit Union.
The Moline, Ill.-based cooperative will implement the VINtekTIME collateral management system and move to ELT as part of its goal of improving efficiencies by reducing paper usage, according to VINtek.
The transition to ELT replaces paper auto titles with an electronic exchange of data between the credit union and the department of motor vehicles.
With nearly one-third of the credit union’s auto loan portfolio located in the state of Iowa, Deere Employees CU has also partnered with VINtek as the pilot institution for Iowa’s recently legislated ELT program, VINtek said.
“We are trying to remove paper in every process we can,” said Chad Behnke, underwriting manager for Deere Employees CU.
“Through our move to ELT with VINtek, we are eliminating time and cost-consuming paper-based processes, allowing our staff to spend less time on title processing and follow-up and more time serving our valued members,” Behnke added.
Based in Philadelphia, VINtek provides automotive collateral management services and direct auto finance services for banks, credit unions and other auto finance institutions.