Specialist, Workout

Canon Careers•Burlington, NJ

1d•Hybrid

About The Position

Canon Financial Services, Inc. (CFS) is seeking a Collections Workout Specialist (Specialist, Workout). This role is responsible for initiating collection activities for contracts that are more than 90 days delinquent, as well as distressed or defaulted accounts identified and assigned by management. This position offers a hybrid work schedule requiring you to be in the office Wednesdays and Thursdays and an option to work from home the remainder of the week (unless a specific business need arises requiring in-office attendance on other days). Note that work schedules and office reporting requirements may change from time to time based on business needs.

Requirements

Bachelor’s degree in a related field or equivalent relevant work experience required.
Minimum of 3–5 years of experience in workout, advanced collections, or a similar function.
Strong experience in financial services, including installment loans and/or lease contracts, is required.
Proven experience in settlement negotiation is required.

Nice To Haves

Prior leasing experience is a plus.

Responsibilities

Responsible for overseeing late-stage collection activities, including ensuring the portfolio performs within acceptable limits and that the business provides superior customer/dealer service
Manage all aspects of the day-to-day activities of the distressed accounts, may include analyzing financial statements, conducting complex negotiations with various stakeholders, restructuring debt, developing exit strategies and coordinating legal documentation
Expected to maintain consistent ongoing contact with customers by placing outbound phone calls, emails and/or letters to reduce and/or eliminate delinquencies
Minimizes losses and secure machines in field, including repossession of equipment
Perform in-depth skip tracing to locate and/or contact customer. Utilize all available tools to rectify defaults and cure delinquency within company policy and assigned authorities
Perform account reconciliations to ensure proper cash application on delinquent accounts in addition to resolution of unapplied cash in timely fashion
Review and analyze basic financial statements and DNB credit reports. Ability to analyze data and make recommendations to management for best course of action to assist customer
Identify distressed customers where accelerated activity is required by CFS to secure our financial interest in the asset
Monitor and report on portfolio management, including recommendations and preparation of documents to support exceptions to the standard charge-off policy
Special projects as assigned
Works closely with management on how to minimize loss through application of various recovery tools
Interact frequently with management, credit managers, dealers and customers
Collaborate with other business units to ensure consistent application of policy and process while continually striving to improve results through better coordination across functional work groups