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August 23, 2010 - Bank of America Grows Direct-to-Consumer Auto Loans Leveraging VINtek Solutions

Bank of America Grows Direct-to-Consumer Auto Loans Leveraging VINtek Solutions

–Vertical service suite provides lead generation, fulfillment and consumer convenience

PHILADELPHIA, Aug. 23, 2010 -- VINtek, a provider of automotive collateral management services and direct auto finance solutions, today announced that it has expanded its Direct-to-Consumer auto loan service for Bank of America to include providing the bank with direct auto finance leads via the company’s Tax, Tag and Title Calculator. 

Bank of America receives automotive loan applications from interested consumers who have accessed the Tax, Tag and Title Calculator through VINtek’s www.taxandtags.com website, as well as additional VINtek partner websites. After a consumer calculates the tax, tag and title fees for a vehicle they are interested in purchasing, they can estimate their monthly auto loan payment and apply for an auto loan with Bank of America.

“The potential customers who come to us via the VINtek site are well into the car shopping process and estimating their monthly payments,” said JD Decker, senior vice president of direct auto financing at Bank of America. “By working with VINtek, we increase our visibility to potential customers at a very opportune time in their vehicle purchase process. Consumers who link to our site find an easy application process, quick loan decisions and a seamless online documentation process that incorporates electronic contracts and electronic signature and the ability to avoid going to the DMV. With VINtek we are able to provide consumers with a convenient, professional customer experience further differentiating our loan products in the marketplace.”

“Providing Bank of America with direct auto finance leads was a natural extension of our Direct-to-Consumer platform,” said Larry Highbloom, president of VINtek. “We provide Bank of America with new auto loan opportunities, help close the loan online, handle the DMV work for the consumer and perfect the lien for the bank in an integrated suite of online services. We are thrilled to help Bank of America cost-effectively tap into the growing demand for Direct-to-Consumer auto finance.” 

About VINtek

Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. VINtek helps lenders increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with collateral management through the introduction of innovative consumer loan servicing technologies. VINtek holds two U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services. For more information, visit www.vintek.com.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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