[September 20, 2010]

VINtek's ELT Services Selected by Union Bank & Trust

VINtek, a provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, today announced that it has been selected by Union Bank & Trust to provide ELT services and, with the institution, is leading the pilot phase of the Nebraska DMV's ELT program.

During the pilot phase, Lincoln, Neb.-based Union Bank & Trust will test the electronic transmission of titles with the DMV. VINtek was chosen by Union Bank &am; Trust due to its previous experience assisting with piloting and launching ELT programs, as well as its extensive history with banks.

"We are thrilled to have the opportunity to assist the Nebraska DMV in launching an ELT program," said Jeff Vander Linden, senior vice president of consumer lending for Union Bank & Trust. "Through VINtek's ELT service, we will lower our internal auto lending costs, which will permit us to offer our customers competitive rates and provide better customer service."

Although participation by automotive lenders in the state is not required, after the Jan. 1, 2011 deadline, certificates of title containing lien information will be stored electronically and no paper copies will be issued to auto lenders. ELT is a cost-effective and environmentally friendly alternative to paper-based titles that provides lienholders with electronic vehicle titles instead of costly paper titles from the DMV.

"We view ELT as a win for everyone," said Beverly Neth, director of the Nebraska Department of Motor Vehicles. "Financial institutions realize timely lien perfection and release; motor vehicle dealers can reduce their reliance on a burdensome paper process related to the release of liens and production of titles; the consumer is provided with simpler, more reliable services; and the DMV's data integrity increases. We look forward to piloting this program with Union Bank, a Nebraska-based institution, and with the added expertise of VINtek."

"The Nebraska DMV's decision to implement ELT will not only benefit the organization itself, but also the automotive lenders in the state," said Larry Highbloom, president of VINtek. "ELT reduces postage, storage and supply costs, as well as reduces exceptions and the chances of a title being lost. VINtek is proud to have been chosen by Union Bank & Trust and the DMV as the pilot provider and we look forward to helping them reap the rewards of paperless title processing."

About VINtek

Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and business process outsourcing for banks, credit unions and other auto finance institutions using paper or electronic titles. A provider of Electronic Lien and Title (ELT) technology, VINtek helps lenders increase efficiency, decrease costs associated with account management and reduce errors and exceptions on title liens through automation. For more information, visit www.vintek.com.

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