Deere Employees Credit Union Chooses VINtek for Automotive Collateral Management
As Iowa legislates ELT, credit union improves efficiencies, cuts costs
PHILADELPHIA, PA (June 4, 2013) VINtek, a provider of collateral management services, electronic lien and title (ELT) services and direct finance processing for automotive lenders, has been selected by Deere Employees Credit Union as its provider of automotive collateral management services, including ELT.
Moline, Ill.-based Deere Employees Credit Union, with more than $550 million in assets, serves employees of Deere & Company and their families from John Deere locations across the country. The credit union chose to implement the VINtekTIME collateral management system and move to ELT as part of its goal of improving efficiencies by reducing paper usage. The transition to ELT, which replaces paper auto titles with an electronic exchange of data between the credit union and the department of motor vehicles (DMV), will allow Deere Employees Credit Union to improve member satisfaction during lien release and cut costs from both paper storage and postage associated with mailing paper titles.
Deere Employees Credit Union selected VINtek due to the company’s comprehensive approach to electronic title outsourcing, including title related call support and delinquent follow up letters. With nearly one-third of the credit union’s auto loan portfolio located in the state of Iowa, Deere Employees Credit Union has also partnered with VINtek as the pilot institution for Iowa’s recently legislated ELT program.
“With VINtek’s responsiveness and support, we feel very confident in our member-facing title management services,” said Chad Behnke, Underwriting Manager for Deere Employees Credit Union. “We are trying to remove paper in every process we can. 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.”
“VINtek’s complete range of electronic collateral management solutions are ideal for helping Deere Employees Credit Union reach its goal of reducing paper in its branches,” said Larry Highbloom, president of VINtek. “The credit union is a leader in the transition to a more efficient and cost effective way of lien and title processing, and we are pleased to welcome them into the VINtek family.”
In its 23rd 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.