PHILADELPHIA — VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced the signing of its 3,000th ELT customer. ELT replaces a paper title and lien with data exchanged electronically between a department of motor vehicles (DMV) and a lienholder.
The cost savings and reduction in exposure to fraud is motivating a growing number of state legislators to implement ELT programs. To date, 19 states have implemented ELT programs, with Florida, Georgia and Wisconsin recently passing legislation requiring most, if not all lienholders to participate in their ELT programs. Iowa is the latest state to initiate implementation of an ELT program for lienholders.











