PHILADELPHIA – VINtek announced it was awarded a U.S. patent to cover specific technologies and processes involved in presenting auto purchase documents, fulfilling direct auto loan closings and perfecting lender liens remotely.
The new patent covers the process enabling buyers to interactively determine the total cost of a vehicle purchase, including tax, tag and title fees, anywhere in the U.S. 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, the company said 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.
The patented process is currently utilized by one of the nation’s largest banks. The company said it has active implementations underway with other top tier financial institutions that recognize the growth and opportunities available in direct auto finance.
