New

Repossession Manager - Wayne, NJ

Valley National Bank
$62,300.00 - $105,100.00 / yr
paid time off
United States, New Jersey, Wayne
Jun 26, 2025
Back Repossession Manager #25-240 Wayne, New Jersey, United States Apply Apply for this job now! Apply Job Overview At Valley Bank, we believe in people's growth potential. We invest in it. We protect it. We focus it. For nearly 100 years, we've been the Bank that clients from every industry turn to for our expertise, strategies, and advice-building the kind of trust that can fuel every goal. We are the leading relationship bank built for growth-with over $60 billion in assets, 3,800 experts, and more than 200 consumer branches and commercial banking offices in communities across the US. At Valley, we're all driven by an ambition that goes deeper than just having a job. That's why when you work for us, we make it our goal to help you focus on what drives you-working to turn your passions and strengths into assets you can use to propel your ambitions and build the professional legacy you want. Because when we say we're a relationship bank built for growth, that's not just reserved for our clients-that includes all our associates as well. The Repossession Manager will manage all aspects of the Repossession, Collateral Protection Insurance and Total Loss Claims areas including the disposition and liquidation of all bank owned vehicles. Expected Work Hours 40 Job Description Responsibilities include but are not limited to: Review, approve and assign defaulted auto loans to approved recovery agents pursuant to bank and regulatory guidelines while monitoring agent's progress. Responsible for managing performance, tasks, and timelines for a staff of approximately 6 including the repossession coordinator, repossession supervisor, insurance coordinator and clerical support staff. Determine terms of redemption as well as handle any customer escalations. Ascertain the value of repossessed collateral and coordinate with approved auto auctions to maximize resale value. Determine the extent of damage to bank owned collateral and file insurance claims as necessary. Review defaulted loan files for inconsistencies and potential fraudulent applications and notify management and Fraud Risk Management as warranted. Review post-sale repossession files and authorize assignment of deficiency balances to an approved collection agency or attorney within policy guidelines and timelines. Prepare reports for repossessions, sales and losses for distribution to management. Monitor the effectiveness of 3rd party vendors including repossession agents, auctions and insurance vendors. Requirements Required Skills: Excellent verbal and written communication skills. Ability to prioritize, organize and delegate assignments. Superior knowledge of automobile sales, including values. Working knowledge of Microsoft Office with the ability to create spreadsheets. Required Experience: High School diploma or GED. Minimum of 5 years of related experience. Preferred Experience: Strong knowledge of automobile sales. Familiarity with regulatory requirements associated with consumer collections. Full-time/Part-time Full-time FLSA Exempt Location(s) Wayne , New Jersey , United States Total Rewards Summary We provide a comprehensive and competitive total rewards package including base salary determined by factors such as the role, relevant experience, skill set, and geographical location. Eligible positions may also be eligible to receive commission-based compensation and/or discretionary incentive compensation, which may be awarded as cash or forfeitable equity, recognizing individual performance and contributions. In addition to financial compensation, we offer a robust suite of benefits tailored to meet diverse employee needs based on eligibility criteria. These include comprehensive health care and insurance plans, retirement savings options, tuition and adoption reimbursement programs, paid time off, mental health support, and other valuable benefits programs. Further details regarding total compensation and benefits will be shared during the hiring process. Job Details Pay Range Pay Range The estimated pay range for this job. Disclosing pay information promotes competitive and equitable pay. The actual pay rate will depend on the person's qualifications and experience. $62,300.00 - $105,100.00 / year Pay Transparency In order to support the Fair Compensation Strategy by the US Govt., HR Dept., clients are required to adhere to "Pay Transparency Law"; in the impacted states; that have mandated the employers to list the salary ranges in Job advertisements or postings for job opportunities and Job promotions.