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Auto Finance Collector Job Description
Overview
An Auto Finance Collector is responsible for recovering outstanding debt from customers who are delinquent on their auto loan payments. This role requires a combination of strong communication, negotiation, and problem-solving skills to effectively manage accounts and minimize losses for the lending institution.
Responsibilities
- Account Management: Review and manage a portfolio of delinquent auto loan accounts, prioritizing based on delinquency status, loan amount, and potential for recovery.
- Customer Contact: Contact delinquent customers via phone, mail, email, and potentially in person (depending on company policy) to discuss outstanding balances and establish repayment plans.
- Payment Negotiation: Negotiate payment arrangements with customers, considering their financial situation and the lender’s requirements, to secure repayment of the debt. This may involve offering temporary payment reductions, extended payment plans, or other alternative solutions.
- Skip Tracing: Utilize various skip tracing techniques and resources to locate customers who have moved or are difficult to reach, ensuring consistent communication attempts.
- Documentation: Accurately and thoroughly document all communication, payment arrangements, and account activity in the collection system. Maintaining detailed records is crucial for compliance and future reference.
- Repossession Process: Initiate and manage the repossession process when necessary, adhering to all applicable laws and regulations. This includes coordinating with repossession agencies, preparing necessary paperwork, and ensuring proper handling of repossessed vehicles.
- Legal Compliance: Maintain a thorough understanding of and adherence to all relevant federal and state laws, including the Fair Debt Collection Practices Act (FDCPA) and the Servicemembers Civil Relief Act (SCRA).
- Reporting: Generate reports on account performance, collection efforts, and recovery rates, providing insights to management on portfolio trends and potential areas for improvement.
- Loss Mitigation: Work with customers to explore loss mitigation options, such as loan modifications or voluntary surrender, to minimize losses for the lender when full repayment is not feasible.
- Collaboration: Collaborate with other departments, such as customer service, underwriting, and legal, to resolve complex issues and ensure a smooth collection process.
Qualifications
- High school diploma or equivalent required; associate’s or bachelor’s degree preferred.
- Proven experience in collections, preferably in the auto finance industry.
- Strong communication, negotiation, and interpersonal skills.
- Ability to work independently and as part of a team.
- Excellent problem-solving and analytical skills.
- Proficiency in computer applications, including collection software and Microsoft Office Suite.
- Knowledge of relevant federal and state laws, including the FDCPA and SCRA.
- Ability to handle stressful situations with professionalism and empathy.
- Strong organizational and time management skills.
Skills
- Active Listening
- Empathy
- Persuasion
- Conflict Resolution
- Data Entry
- Time Management
- Negotiation
- Problem Solving
- Legal Compliance
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