The Collateral Clerk is responsible for repossession assignments, determining the value of vehicles within the market, recondition units as required, validate insurance claims and coordinate sales efforts with Auctions. Providing and maintaining reports as directed and knowledgeable of policies and procedures that are applicable to remarketing and collection activities, and all other collateral recovery related duties. This position is a unionized position through the Communication Workers of America. 

• Ensures compliance with all state and federal regulations and internal company policies, including but not limited to BSA / Anti-Money Laundering, Fair Lending, Privacy, and Anti-Discrimination, to the extent each applies to current job responsibilities
• Completes all online compliance training as assigned within specified due dates
• Punctual, regular, and consistent attendance

ASSIGN FOR REPO

• Make sure no arrangements have been made and repossession makes sense
• Check SCRA and PACER websites
• Determine which company it will be assigned to                

CANCEL REPO

• Verify the reason repo was cancelled

REPO UPDATES

• Update account once repo updates are received
• Maintain communication with Repo companies for repo updates as needed
• If repo company runs out of good information a skip trace may be requested
• Update repo companies with any new info

REPOSSESSIONS

• Determine if reinstatement allowed or if redemption (Redemption requires 2nd look)
• Assess all necessary repossession fees to account
• Complete notice of Intention (NOI) and Certificate of Repossession and Upload all documents
• Verify all accounts have been updated with proper Alert codes

CUSTOMER FOLLOW UPS

• Provide world class customer service
• Once repossessed, if customer does not attempt to contact us we will call customer.
• If contact is made and customer informs us they are not interested in reinstating, we arrange for transport immediately
• If contact is made and customer is interested in reinstating, we inform them of reinstatement procedures, total amount due, storage rates, 10- day extension ( if needed)
• Provide releases to storage facilities after reinstatement process has been completed.

PAYMENT REMINDER DEVICES

• Determine if account qualifies for Crossbow installation
• Make sure account is paid current
• Verify customer has signed Payment Reminder Device Disclosure
• Make an appointment to install Crossbow Reminder Device
• Log Crossbow Reminder Device Serial #
• Test device prior to releasing vehicle to customer
• Loan and Loan Terms into website and update Alert Code in Core System
• Contact Customer

INVOICES

• Verify fee
• Ensure each account is noted and fees are assessed as warranted
• Stamp and sign
• Email manager for approve
• Forward to Accounts Payable

INSURANCE

• Verify if account has insurance
• Insurance Claims Submission
• Insurance Claim Follow-ups
• Update Core with information and proper alerts
• Insurance Check Posting
• Surplus Letter *if applicable
• Deficiency Letter *if applicable

IMPOUNDS

• Determine if collateral is work repossession
• Type 3 Hold Harmless to each of the following: Police Department, Storage Facility, Repo company recovering the vehicle
• Type certificate of Repossession
• Create Hold Harmless, Certificate of Repo and Assignment to repossession company

If Collateral is not worth repossessing:

• Note account with substantiating information
• Update alert code
• Upload pictures if available

TRANSPORT

• Order transport of vehicle to appropriate auction
• Provide release to storage facility
• Note account
• Request File Dept. mail the title and Certificate of Repossession to auction

AUCTION

• Enter account #’s
• Enter eligible dates
• Check condition report: File LSI if needed or place hold
• Floor Vehicles
• Approve/ Deny Recon vehicles
• Accept/decline/counter offers

AUCTION CHECKS

• Verify purchase price
• Verify deductions are correct
• Update Alert on Core System
• Post Auction Checks
• Create deficiency Letter, if applicable
• Create surplus letter if applicable
• Provide customer service with list of all accounts which require a deficiency balance letter to be completed

• High School diploma.
• Excellent communication skills.
• Strong experience with customer service.
• The ability to perform basic mathematical functions.
• Knowledge of collection and repossession laws desirable
• The ability to set goals and meet deadlines.
• Basic computer skills.
• Able to function in a fast-paced work environment.
• Bilingual (English/Spanish) preferred