Press
North Carolina Passes Electronic Lien and Title Legislation
Poised to become the 20th state to leverage ELT and reduce costs for automotive lenders
PHILADELPHIA, PA (August 13, 2013) — VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing, reports that it assisted with the passage of ELT legislation in North Carolina. VINtek worked with legislators to educate them on leveraging technology and industry expertise on launching and operating an ELT program at no cost to the state.
Senate Bill 407, signed by Governor Pat McCrory on July 23, 2013 requires the North Carolina Division of Motor Vehicles (NC DMV) to implement an ELT program by July 1, 2014. Within a year of implementation, banks, credit unions and other automotive lenders in the state will begin to replace their paper based liens with an electronic exchange of data with the NC DMV. Rather than utilizing internal resources to fund the design, development and ongoing operation of ELT, the NC DMV retains the option to select a third party supplier(s) to develop and manage the system at no cost to the state. As the tenth largest state in terms of new annual vehicle/truck registration, an opportunity exists for the state of North Carolina to reduce operating costs, increase customer satisfaction and reduce fraud through the elimination of paper vehicle titles with liens.
“As North Carolina positions itself to become the 20th state to initiate ELT, we see confirmation of the growing interest in ELT at DMV’s across the country,” said Larry Highbloom, president of VINtek. “The North Carolina DMV and automotive lenders in the state can anticipate operational improvements and efficiencies, as well as reduced stress resulting from the reduction in paper titles. VINtek looks forward to assisting lienholders in North Carolina with the transition to ELT and we are happy to see another state realize the benefits of this program.”
About VINtek
In its 23rd year, Philadelphia-based VINtek provides automotive collateral management services, ELT 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 enables lenders to increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with automotive 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.