PHILADELPHIA (2/24/12)--VINtek has been awarded its third U.S. patent for vehicle financing technology.
The VINtek technologies covered by the business-process patent help potential vehicle buyers determine the total cost of a vehicle, including tax, tag and title fees, anywhere through the Internet. It also produces and presents vehicle purchase documentation, including electronic loan documents, to consumers and allows them to electronically sign these documents.
Consumers also have access to a remote Department of Motor Vehicles (DMV) submission process that alleviates the need for them to spend hours at a DMV office. Simultaneously, it delivers lender protection by perfecting their liens. Much of the process is processed in real time over the Web using multiple websites and workflow tools that interact with each other.
"We anticipate our patented process to be in high demand as more vehicle purchases occur online," said Larry Highbloom, VINtek president/CEO. "This will help all participants complete the document-fulfillment aspects of a vehicle purchase anytime and anywhere."