Repossession Specialist
$25.63 - $44.92/hr
Mid
Winchester, VA, USA+2 moreMore locations: Pensacola, FL, USA | Vienna, VA, USA
In PersonOn-site options in Pensacola, FL; Winchester, VA; and Vienna, VA. Hours are Monday–Friday, 9:00 a.m.–5:30 p.m. CST or 10:00 a.m.–6:30 p.m. EST.
Finance & BankingRetail & Commercial Banking
About the job
Requirements
- Working knowledge of applicable federal and state laws, rules, and regulations, including the Fair Debt Collection Act and Fair Credit Reporting Act.
- Experience in the collection of delinquent loans.
- Experience using auditing and accounting principles and methods, preferably in a financial institution.
- Experience in financial counseling, negotiating, and explaining decisions to members.
- Experience in financial transaction or processing-related responsibilities.
- Experience working with all levels of staff, management, stakeholders, and vendors.
- Ability to describe and discuss mechanical conditions of automobiles.
- Ability to comprehend, analyze, interpret, communicate, and apply government and financial industry regulations, related principles and practices, and company instructions, procedures, and policies.
- Ability to work independently and in a team environment.
- Effective member or customer service skills.
- Skill following, interpreting, and applying relevant data and instructions to guidelines, procedures, practices, and regulations.
- Skill assimilating information, analyzing facts, and developing logical conclusions.
- Skill performing mathematical calculations and working accurately with numbers.
- Skill exercising initiative and using good judgment to make sound decisions.
- Skill building effective relationships through rapport, trust, diplomacy, and tact.
- Skill interacting tactfully and effectively in difficult situations.
- Skill influencing, negotiating, and persuading to reach agreeable exchanges and positive outcomes.
- Effective research, analytical, and problem-solving skills.
- Effective organizational, planning, and time-management skills.
- Effective verbal, interpersonal, and written communication skills.
- Effective database, word-processing, and spreadsheet software skills.
Responsibilities
- Coordinate all aspects of the repossession process and disposition of property serving as collateral on Navy Federal loans.
- Serve as a point of contact and subject matter expert regarding section functions, systems, policies, and procedures.
- Remain familiar with payment methods available to members, including direct remittance, recurring deposits, Western Union Quick Collect, and Speed Pay.
- Communicate with members, co-makers, and joint owners about all aspects of the repossession process.
- Prepare all documents required to initiate the repossession process.
- Contact insurance companies for payoffs, send Letters of Guarantee, monitor payments, and send titles to insurance companies.
- Serve as a point of contact for internal departments regarding repossessions.
- Select repossession agents and negotiate fees for repossession.
- Document member-related contact in the Repossession Tracker and other applicable systems throughout the repossession process.
- Process impound notices by contacting tow companies, negotiating fees, and obtaining vehicle condition details, reasons for impoundment, and documents needed to recover collateral.
- Monitor and ensure updates are provided by repossession agents, and assist agents with skip tracing to locate collateral as needed.
- Recommend accounts to skip companies and/or License Plate Recognition staging when collateral cannot be located.
- Recommend accounts to be returned to LCR or Bankruptcy when collateral cannot be located.
- Submit requests for letters for redemption or reinstatement, ensure the letters are accurate, and mail them to members in accordance with state regulations.
- Assist members with reinstatement or redemption of their vehicles by contacting the agent or auction to have the vehicle released to the member.
- Prepare documents for submission to the Department of Motor Vehicles to process a repossession title or sell collateral.
- Maintain an overall quality assurance audit rating of 90%.
- Determine the floor price, send required documents to auction, and release vehicles for sale in Auto IMS.
- Receive auction bids through channels such as email, telephone, fax, and Auto IMS; determine whether an offer can be accepted and whether the number of bids meets state requirements; determine whether counting the bid is required; or decline the offer and request that the vehicle be run on the next sale date.
- Review and process sale proceeds with the accounting department to ensure funds are applied properly to the member's account.
- Submit requests to reduce interest rates to 0 on open-book loans with a deficiency balance.
- Maintain knowledge of and ensure compliance with applicable federal and state laws, rules, and regulations and Navy Federal policies and procedures.
- Maintain repossession records and prepare reports for management.
- Track and reconcile expenses incurred during the repossession process with general accounting.
- Perform other duties as assigned.
Desired Qualifications
- College-level courses with a concentration in Accounting, Finance, Business, or a related field.
- Knowledge of the remarketing industry and familiarity with the repossession process and related regulations and procedures.
- Familiarity with Navy Federal products, services, processes, policies, and procedures.
About the company
Navy Federal is a credit union that provides financial products and services to the U.S. military community, including active-duty service members, veterans, DoD employees, and their families. It operates through more than 360 branches and a nationwide presence, offering accounts, loans, mortgages, credit cards, and other banking services, with access available online and via mobile apps. As a member-owned, not-for-profit institution, it reinvests earnings to benefit members rather than outside shareholders and is insured by the NCUA. The company emphasizes serving those connected to the Armed Forces with helpful, accessible financial support and career opportunities for its staff. Its goal is to help members achieve financial well-being through comprehensive, widely available services while growing its community and assets.
Company Size
10,001+
Company Stage
N/A
Total Funding
N/A
Headquarters
Vienna, Austria
Founded
1933
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Simplify's Take
What believers are saying
- Navy Federal launched Flagship Premier on September 10, 2026, targeting travel spend.
- September 14, 2026 DoD honored Navy Federal's branch for exceptional service again.
- Doner became agency of record on July 7, 2026, signaling bigger acquisition marketing.
What critics are saying
- The Fourth Circuit revived Navy Federal mortgage discrimination class claims on February 9, 2026.
- A September 18, 2026 backup exposure showed 378 gigabytes of internal files online.
- CFPB's 2024 overdraft settlement and repeated lawsuits keep its trust premium fragile.
What makes Navy Federal unique
- Navy Federal serves 15 million members and runs 380 branches worldwide.
- Its military-only field and DoD overseas banking contract create a sticky niche.
- TIME ranked Navy Federal #1 in credit cards on March 2, 2026.
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Benefits
- Employee Referral Bonus