The primary role of this position is to dispose of repossessed collateral in a timely and efficient manner by monitoring the Repossessions on Hand Report and following up with auctions for sales. This will centralize the disposition process and ensure better follow-up and inventory control. Furthermore, this role is to increase the return on repossessed collateral and reduce net loss by using proper methodologies, and sound judgment to occasionally determine a repossessed vehicle's floor price when appropriate to ensure a greater return to the credit union by timely auction sales. The position will also, at times, be responsible for validating, using condition reports and mechanical inspections to determine the asset's overall marketability. Invoices to repossession agents, transport companies and auctions, etc., are to be reviewed and submitted to management in a timely manner along with submissions of titles to auction for prompt sales.
Essential FunctionsDocumentation and vehicle processing: Prepare and send titles and all needed repossession affidavits/documents to the auctions. Document final sale and prepare deficiency letters to be sent to members. Process invoices. Review auction condition reports and use them as a tool to help determine vehicle values. Use pictures and damage estimates to submit the appropriate damage claim if needed.Liaison for auto auctions: Approve vehicle floor values using known methodologies such as NADA, Black Book, MMR reports, and auction condition reports to make approval/denials of sale bids. Assess reconditioning approvals/denials. Monitor and review the remarketing agency's website for follow-ups and add notes to our systems with all updates.Repossession support: Monitor Reposession's on-hand report weekly or as needed to communicate with auctions for the timely disposition of collateral. Inform management of any repossessed vehicle that due to condition and costs to sell etc. , may represent a loss at the auction to Ent. Complete valuations for repossession recovery decisions.Transportation of Collateral: Facilitate transport of vehicles to auction from repossession lots, repair shops, Service Center locations and work with transport companies to ensure vehicles are properly secured and the location of collateral properly listed on our systems at all times.Bank Secrecy Act: Remains cognizant of and adheres to Ent policies and procedures, and regulations pertaining to the Bank Secrecy Act.
