What are the responsibilities and job description for the Collateral Repossession Representative I position at Municipal Credit Union?
About MCU
At Municipal Credit Union, we believe that an incredible culture helps create a happy and motivated team that works hard to achieve the best results for themselves and their members. For more than 100 years, MCU has provided affordable financial products and convenient services to a membership base that is now comprised of over 600,000 individuals. With each new generation we have the pleasure of interacting with, we maintain the credit union promise of people helping people.
Our Mission:
To help hard-working New Yorkers build better tomorrows
Our Vision:
Be New York's most loved financial institution by helping our members build their best financial futures
Overview:
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.
Key Responsibilities:
Specific duties include, but are not limited to, the following:
- 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.
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.
Why you'll be a good fit:
Our Core Values are an integral part of who we are and who we hire. By living our Core Values, every day, we continue to attract the best and brightest talent, achieve unsurpassed results and continuously challenge ourselves to be better than yesterday. These values are at the heart of our organization and within every teammate. To be a great fit, you’ll bring the following
Results - We are passionate about winning.
Agility - We proactively anticipate, respond and pivot to ensure MCU wins.
Integrity - We operate with the highest ethical standards and highest degree of honesty.
Belonging - We cultivate a culture of inclusion and teamwork.
Ownership - We take personal responsibility and hold ourselves accountable for the results.
What we can offer you:
Competitive compensation, medical and dental benefits.
401K with employer contribution
Flexible paid time off
Please note that the pay range provided is a good faith estimate for the position at the time of posting. Final compensation may vary based on factors including, but not limited to knowledge, skills and abilities, as well as geographic location. Incentives and/or benefits packages may vary depending on the position.
Municipal Credit Union (MCU) is an Equal Opportunity Employer. Municipal Credit Union provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by applicable federal, state or local laws.
We are committed to hiring, training, cultivating, promoting, and celebrating an environment where we have a welcoming and fulfilling place for all people to call home. Diversity of race, thought, sexual orientation, age, veteran status, religion, and disability will empower us to thrive as individuals, as teams, and as an organization.
Salary : $21 - $34