Repossession Administrator

Wright-Patt Credit Union•Beavercreek, OH

21h

About The Position

The Repossession Administrator is responsible for overseeing the entire collateral repossession process for the Credit Union, from assigning and canceling vehicle repossessions to managing the disposition and sale of the collateral. This role also includes handling, recovering impounded collateral, initiating skip claims and insurance claims for units with Collateral Protection Insurance and pursuing legal action against borrowers when collateral is not recovered.

Requirements

Proficiency with Collateral Protection Insurance (CPI) skip, damage and total loss claim processes.

Responsibilities

Approves and assigns vehicles for repossession, ensuring adherence to policies, procedures, risk mitigation, and operating controls. Reports policy or control gaps to leadership.
Negotiates repayment plans and vehicle redemptions for delinquent accounts. Cancels repossession assignments with recovery agents upon satisfactory payment or arrangement.
Manages borrower and total loss claim processes to maximize recovery and minimize losses, prioritizing member needs. Collaborates with vendors for an efficient claims process and keeps members informed.
Reassigns repossession orders to alternative agents if initial attempts to secure collateral fail. Requests legal action, including demand letters and breach of contract, when collateral is not recovered.
Evaluates condition reports from agencies and auction houses to determine collateral condition, reasonable repairs, and fair market value for sales to maximize Credit Union recovery.
Reviews and responds to impound notices within department timeframes to minimize potential losses.
Handles ACD line inquiries regarding repossessed units, providing quotes for cancellation and redemption amounts, and answering general repossession questions.
Proficiently manages Collateral Protection Insurance (CPI) skip, damage, and total loss claim processes to reduce losses on vehicles not located by repossession agencies.
Ensures the Credit Union's lien is properly perfected and obtains repossession titles through local BMV offices or auction houses before collateral sale.
Monitors the timely transportation of units from agent offices to auction houses to minimize storage fees.
Reviews fee requests from repossession agents to ensure fees are minimized and the Credit Union is not overcharged.
Serves as a liaison between the Credit Union and vendors, including recovery agencies, insurance centers, indirect dealerships, auction houses, and attorneys.
Prepares and manages repossession reports, including repossession sale reports, on-hand reports, vendor performance reports, and vendor tracking updates for Collateral Protection Insurance.