PHILADELPHIA — Auto finance solutions company VINtek recently announced it has completed second lien filings on a fleet of more than 70,000 trucks, using its VINtekTIME technology — a platform that processes paper and paperless titles, or electron lien and title.
           
With clients such as financial institutions involved in asset-based lending, as well as several U.S. banks, the company noted that its "streamlined, standardized lien filing process managed the accurate recording of second liens on both paper and electronic titles for the rolling stock.”

Moreover, the company’s clients also utilized VINtek’s Business Process Outsource services, which the company contends helped them avoid the expense and resource requirements typically required to obtain perfected second liens.

VINtek also worked to help these very same clients record their second liens by arranging to file liens in certain states electronically and also automating pre-populated DMV forms for other states involved in the transaction, the company further explained.

Lastly, VINtek integrated the printing of checks for disbursements along with their corresponding DMV forms into one batch.

Commenting on the recent news, Larry Highbloom, president of VINtek, said, “The complexity of managing a transaction this large could have proven challenging for the institutions had they attempted to record the liens themselves.

“By relying on VINtekTIME and our BPO division, the process time to record the second liens was cut significantly; and after processing by the DMV, VINtek directly received the new titles with the second liens and stored them in our automated paperless and paper vaults,” he continued.

Further explaining the lien process, Highbloom shared, “The lenders were only required to verify the transaction totals, thus removing their need to devote meaningful resources to this process. We were able to leverage our previous experience with transactions of this scale to protect the lending institutions by filing the liens and storing the titles in a time frame that was a fraction of the clients’ initial expectations.”