Purpose of the Job
The Repossession and Remarketing Specialist is responsible for managing the maintenance, repair and security of repossessed vehicles and other collateral. Duties include the coordination, scheduling and facilitation of the organization’s repossession process through external agencies by negotiating, scheduling and contracting with qualified agencies. The Specialist ensures actions are properly documented and records and files are appropriately maintained.
Essential Functions and Responsibilities
- Manages an assigned repossession portfolio (both voluntary and involuntary) for open or non-performing loans; mitigates loss situations and reduces potential losses to the Credit Union. Makes assignments to approved repo agents to include tracking and follow up for timely location of collateral.
- Demonstrates effectiveness in managing asset disposition in accordance with regulations and state-specific laws.
- Ensures proper coding is placed on accounts once collateral is recovered and during all stages of repossession process.
- Coordinates voluntary surrenders and the subsequent transport to auto auction.
- Maintains accurate and up-to-date logs regarding inventory lists, repossession assignments, auction results and demand reports as requested by the Collection Manager.
- Completes and processes required documentation including: the 1st Repo Letter, assignment paperwork, condition report, NADA value, pictures, request for title and investigate any damage, impound actions and redeemed vehicles.
- Monitors the progression of the repossession status with assigned repossession agencies.
- Oversees the maintenance, repair and security of repossessed vehicles.
- Recommends floor price for vehicles based on condition and current market trends for review and approval by the Collection Manager. Negotiates “if bids” and upon Collection Manager approval sets final sales price within established.
- Maintains professional relationships with vendors and ensure adherence to specific standards.
- Performs skip tracing as necessary; uses outside agencies when appropriate.
- Manages return vehicle process. Determines transportation logistics as needed.
- Coordinates inspection & title conversion process.
- Monitors online & physical auction sales.
- Processes, allocates and records proceeds (loss or gain) of sale.
- Works with GAP, member-insured, forced placed insurance and warranty companies to file claims; provides documentation, obtains status of claims and records payouts.
- Researches State Department of Transportation & City Notifications for towed or seized vehicles. Contacts tow companies, storage facilities, city records/ordinance departments, DMV, Insurance companies and vehicle owners. Negotiates storage and repair charges.
- Assists members with default resolution, delinquency guidance, repossession/redemption process and loss mitigation to avoid repossession.
Other Duties and Responsibilities
- Assists with other tasks and projects as assigned.
Knowledge, Skills, and Abilities
- Must have sound understanding of standard concepts, practices, procedures, regulations and compliance within the realm of the Repossession process
- Must have thorough knowledge of collection policies and procedures and ensure requirements are integrated into current practices
- Must have intermediate skills in MS Excel and Word
- Must have excellent communication skills in English, both verbal and written
- Must demonstrate ability to work in a cross-functional team
- Must be able to demonstrate persistence, determination, tact and accountability
- Must have the ability to define problem and propose solutions; advanced problem solving required
- Must be advanced and skillful in handling complex accounts and situations
- Must be able to maintain objectivity and emotional stability under pressure
- Must be detail-oriented and well organized
- Must be flexible and able to shift resources and priorities as required.
- Must be self-motivated and able to work under pressure.
- Must approach work enthusiastically and accept responsibility
- Must demonstrate multi-tasking skills to handle various tasks and responsibilities
- Must be able to maintain confidentiality
- Must be able to work in a general office environment
- Should possess a strong commitment to providing excellent service to Truliant Members and support staff
- Occasional standing, walking, bending, and stooping required
- Must be able to sit at a desk for long periods of time and use a computer
- Must be able to moderately lift or move up to 5 pounds and occasionally lift or move up to 10 pounds
Education and Background
- Bachelor’s degree preferred
- Minimum of 3 years Collections or related collateral experience preferred
- Experience with related vendors/processes such as Dealertrack, Black Book, SCRA, Pacer, Accurint preferred
New Product Development