MOLINE, Ill. Deere Employees CU has signed with VINtek to provide it with automotive collateral management services, including electronic lien and title.
The company said the transition to electronic lien and title, which replaces paper auto titles with an electronic exchange of data between the credit union and the department of motor vehicles, will allow Deere Employees to improve member satisfaction during lien release and cut costs from both paper storage and postage associated with mailing paper titles.
Deere Employees said it selected VINtek due to the company’s comprehensive approach to electronic title outsourcing, including title-related call support and delinquent follow-up letters. With nearly one-third of the credit union’s auto loan portfolio located in the state of Iowa, Deere Employees also has partnered with VINtek as the pilot institution for Iowa’s recently legislated ELT program.
“We are trying to remove paper in every process we can,” said Chad Behnke, underwriting manager for the $550-million credit union “Through our move to ELT with VINtek, we are eliminating time- and cost-consuming paper-based processes, allowing our staff to spend less time on title processing and follow-up and more time serving our valued members.”
