PHILADELPHIA--February 21, 2012: VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, announced U.S. Patent # 8,078,525 B2 was issued to the company Dec. 13, 2011 to cover specific VINtek technologies and processes involved in presenting auto purchase documents, fulfilling direct auto loan closings and perfecting lender liens remotely.
“The combination of consumers' desire to handle the automobile purchase process online and the growth in demand for direct auto loans for all manners of vehicle purchases, including private party transactions, required the development of certain processes and technologies to facilitate these activities via the web”
The VINtek technologies covered by the business process patent enable parties to interactively determine the total cost of a vehicle purchase, including tax, tag and title fees anywhere in the United States via the Internet. It also produces and presents vehicle purchase documentation, including electronic loan documents, to consumers and enables them to electronically sign these documents. In addition, consumers have access to a remote DMV submission process that alleviates the need for them to spend hours at a DMV office, while simultaneously delivering lender protection by perfecting their liens. Major portions are processed in real time over the Web using multiple websites and workflow tools that interact with each other.
"The combination of consumers' desire to handle the automobile purchase process online and the growth in demand for direct auto loans for all manners of vehicle purchases, including private party transactions, required the development of certain processes and technologies to facilitate these activities via the web," said Larry Highbloom, VINtek's president and CEO.
The patented process is currently utilized by one of the nation's largest banks. There are active implementations underway with other top tier financial institutions that recognize the growth and opportunities available in direct auto finance.
"We anticipate our patented process to be in high demand as more vehicle purchases occur online. This will help all participants complete the document fulfillment aspects of a vehicle purchase anytime and anywhere," Highbloom concluded.
About VINtek
In its 21st 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 three U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services. For more information, visit Vintek.
