Collateral Repossession Representative I

Municipal Credit Union•New York, NY

About The Position

The Collateral Repossession Representative is responsible for managing all aspects of the repossession life cycle for delinquent auto loans. This role includes direct member contact, collateral recovery, skip tracing, vendor management, auction oversight, and ensuring compliance with all applicable federal and state regulations. The representative will serve as a key liaison between members, recovery agents, auction houses, and internal departments to protect the Credit Union’s collateral position while minimizing losses.

Requirements

Bachelor’s degree or equivalent work experience
Minimum five years collections experience
Minimum two years collateral repossession and remarketing experience
Working knowledge of Collections practices, rules, and regulations.
Possess a strong sense of urgency. Strong multitasking, effectively sets priorities, takes accountability and achieves results.
Proficient in Microsoft Office Suite (Word, Excel, Outlook, and Access)
Strong analytical and problem solving skills.
Excellent written and verbal communication skills.
Requires independent thinking
Available to work late nights and Saturdays.
Highly ethical.

Responsibilities

Responsible for contacting members through multiple channels—phone calls, emails, text messages, and letters—to resolve delinquencies and provide account support.
Conduct outbound and receive inbound calls to negotiate payment arrangements and assist members with resolving delinquencies.
Accurately update system notes and maintain detailed records of all member interactions and payment agreements.
Identify, evaluate, and resolve reasons for delinquency.
Manage the full repossession process from initial delinquency review through auction and sale of recovered collateral.
Manage auto delinquency queues to identify loans eligible for repossession, including first payment defaults, late-stage delinquency, fraud, and bankruptcy cases.
Place collateral for repossession with approved agents, ensuring thorough review for liens, SCRA, MLA, and bankruptcy status.
Conduct skip tracing using tools such as Accurint, credit reports, internet searches, and member records to locate collateral and debtors.
Communicate with members to negotiate payment arrangements, deferments, or loan workout options when repossession may be avoided.
Oversee impound cases, including processing stops, holds, retrieval, transport, and approval of related fees, while negotiating to minimize expenses.
Coordinate voluntary surrenders, ensuring proper documentation and timely transport of collateral.
Review loans for applicable warranties, GAP coverage, and CPI; file and track claims to ensure recovery of funds.
Submit repossession, damage, conversion, and confiscation claims within required timelines.
Issue and track repossession notices/letters in compliance with federal and state regulations.
Post all fees associated with repossession to member accounts accurately and timely.
Escalate cases with potential legal or compliance risks to management.
Maintain working knowledge of the Fair Debt Collection Practices Act (FDCPA), UDAAP, and other regulatory requirements.
Provide responsive service to members, internal stakeholders, and third-party partners.
Perform other duties as assigned.