PHILADELPHIA — VINtek announced this week that it has struck a deal with Santander Consumer USA to manage vehicle titles for the company's recently expanded portfolio.

Officials explained that a one of the reasons for this deal is Santander's recent acquisition of the indirect auto loan portfolio from Triad Financial.

Basically, the expanded portfolio will be managed via VINtekTIME v3.0, a Web-based auto collateral management system. The system can simultaneously process paperless auto titles, which can also be known as electronic lien and title, in addition to paper titles and other collateral.

The platform also includes features such as work flow and task queuing system with timers, due dates and alerts. It is also integrated with the Department of Motor Vehicles Business Rules, in addition to providing document image and file hosting and more.

Santander originally transitioned new business title administration responsibilities to VINtek in 2008.

"The decision to transfer the collateral securing the Triad auto loan portfolio from the previous title administration provider to VINtek was an easy one," explained Carolyn Prater, vice president of originations for Santander.

"VINtek's track record of delivering better customer service, higher title perfection rates, lower processing exceptions and enhanced technology has been incredibly valuable to Santander Consumer USA as we provide automotive financing to non-prime borrowers. It made sense to build on the relationship," she added.

Larry Highbloom, president of VINtek, added, "VINtek is pleased to have been chosen by Santander Consumer USA to manage the collateral securing these newly acquired assets. Maintaining high lien perfection rates not only mitigates risk in a volatile environment but also provides better customer service for dealers and consumers during account termination collateral release processing."