Repossession Coordinator in Tennessee Career Overview

As a Repossession Coordinator, you play a key role in the process of reclaiming assets such as vehicles, equipment, or other items that have been financed but have not been paid for by the borrower. This position operates at the intersection of finance and logistics, demanding a balance between regulatory compliance and effective asset recovery.

Your responsibilities typically include:

  • Case Management: Overseeing and managing the repossession process from start to finish, ensuring that all actions taken comply with legal standards.

  • Communication: Acting as the primary liaison between financial institutions, repossession agents, and clients, facilitating smooth interactions and providing updates on the status of repossessions.

  • Documentation: Maintaining accurate records of all repossession activities, including tracking assets, filing necessary legal documents, and documenting communications.

  • Problem-Solving: Addressing issues that arise during the repossession process, including disputes over ownership, payment histories, and incidents during asset recovery.

  • Compliance: Ensuring all practices align with state and federal laws regarding asset recovery, including following proper protocols to avoid potential litigation and consumer complaints.

Your role is essential in helping financial institutions mitigate losses from unpaid loans and credit agreements, making you a vital part of the lending ecosystem. The effectiveness of your work supports the overall financial health of institutions and impacts customers grappling with financial difficulties. As the bridge between lenders and borrowers, you contribute to the maintenance of order and accountability within the marketplace, which can ultimately lead to better lending practices and consumer education.

Repossession Coordinator Salary in Tennessee

Annual Median: $41,030
Hourly Median: $19.73

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Repossession Coordinator in Tennessee

To become a Repossession Coordinator in Tennessee, specific educational qualifications and training can be advantageous. Here are the recommended degree programs:

  • Commercial and Advertising Art

    • This program provides a foundation in visual communication and design, which may be useful for creating marketing materials or presentations related to repossession services.

  • Business Administration and Management

    • A degree in this field covers various aspects of business operations, including management, finance, and organizational behavior. This comprehensive knowledge is essential for coordinating repossession activities effectively.

  • Business Managerial Economics

    • This program focuses on applying economic theory to business decision-making. Understanding economic principles can help you make informed decisions regarding the repossession process and evaluate financial risks.

  • Business Operations Support and Secretarial Services

    • This degree offers training in office management and administrative support, preparing you to handle the logistical aspects of repossession coordination, including scheduling and record-keeping.

  • Legal Support Services

    • A background in legal support can provide you with the knowledge of relevant laws and regulations related to repossession. This understanding is valuable when navigating legal documents and ensuring compliance during the repossession process.

Pursuing one or more of these degree programs will equip you with essential knowledge and skills relevant to the role of a Repossession Coordinator.

Best Schools to become a Repossession Coordinator in Tennessee 2024

#1Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#4El Paso County

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808
#5Maricopa County

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Repossession Coordinator Job Description:
  • Locate and notify customers of delinquent accounts by mail, telephone, or personal visit to solicit payment.
  • Duties include receiving payment and posting amount to customer's account, preparing statements to credit department if customer fails to respond, initiating repossession proceedings or service disconnection, and keeping records of collection and status of accounts.

Repossession Coordinator Required Skills and Competencies in Tennessee

  • Attention to Detail
    You must meticulously review documents and agreements to ensure compliance with legal standards and procedures.

  • Communication Skills
    Strong verbal and written communication skills are essential. You will need to communicate clearly with clients, lenders, and other stakeholders to manage expectations and negotiate resolutions.

  • Problem-Solving Abilities
    You should be able to analyze situations and develop effective strategies for resolving issues that may arise during the repossession process.

  • Negotiation Skills
    Competence in negotiating terms with borrowers and lenders helps in reaching amicable solutions that could prevent repossession or minimize disputes.

  • Organizational Skills
    You will manage multiple cases simultaneously and need to stay organized to keep track of pertinent deadlines, documentation, and follow-up activities.

  • Technical Proficiency
    Familiarity with repossession management software and databases is necessary for tracking cases, managing communications, and ensuring efficient workflow.

  • Time Management
    Effective prioritization of tasks is critical to meet various deadlines and manage a demanding workload efficiently.

  • Interpersonal Skills
    You should demonstrate empathy and professionalism when dealing with clients who may be facing difficult financial situations.

  • Legal Knowledge
    A basic understanding of relevant regulations and laws governing repossession in Tennessee will enable you to conduct operations within the legal framework.

  • Adaptability
    The ability to adjust to changing situations and requirements in a fast-paced environment is important for success in this role.

Job Duties for Repossession Coordinators

  • Locate and monitor overdue accounts, using computers and a variety of automated systems.

  • Locate and notify customers of delinquent accounts by mail, telephone, or personal visits to solicit payment.

  • Record information about financial status of customers and status of collection efforts.

Technologies and Skills Used by Repossession Coordinators

Customer relationship management CRM software

  • Austin Logistics CallSelect
  • Microsoft Dynamics

Data base user interface and query software

  • Relational database software

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Talking to others

Social

  • Talking people into changing their minds or their behavior
  • Understanding people's reactions

Job Market and Opportunities for Repossession Coordinator in Tennessee

The job market for Repossession Coordinators in Tennessee is shaped by several key factors, reflecting both current trends and future potential.

  • Demand Levels: There is a steady demand for Repossession Coordinators, primarily driven by the financial sector's need to manage delinquent accounts effectively. As lending practices evolve and the economy fluctuates, financial institutions increasingly rely on repossession services to recover assets, indicating a consistent need for professionals in this field.

  • Growth Potential: The repossession industry is projected to experience moderate growth over the next few years. Factors contributing to this include the increasing complexity of asset recovery, advancements in technology, and the growing number of loan products available to consumers. This environment fosters a continuous need for adept Repossession Coordinators who can navigate regulatory frameworks and manage logistical challenges.

  • Geographical Hotspots: In Tennessee, certain areas show a higher concentration of opportunities for Repossession Coordinators. These hotspots include:

    • Nashville: As the state capital and a growing economic hub, Nashville is home to numerous financial institutions and dealerships, leading to more opportunities in repossession.
    • Memphis: Known for its logistics and transportation industry, Memphis presents a unique advantage for coordinators involved in asset recovery.
    • Knoxville and Chattanooga: Both cities are experiencing economic development and have a presence of banks and credit unions that require repossession services.

By keeping an eye on these trends and geographical concentrations, you can position yourself effectively within the evolving job market for Repossession Coordinators in Tennessee.

Top Related Careers to Repossession Coordinator 2024

Credit Recovery Specialist
Financial Collections Agent
Customer Accounts Manager
Accounts Receivable Specialist

Additional Resources To Help You Become a Repossession Coordinator in Tennessee

  • Tennessee Department of Commerce and Insurance
    Access regulatory information, licensing requirements, and consumer protection laws relevant to repossession professionals.
    Tennessee Commerce and Insurance

  • Consumer Financial Protection Bureau (CFPB)
    Understand federal regulations that affect repossession practices and consumer rights related to financing and debt collection.
    CFPB

  • National Association of Buy Here Pay Here Dealers (NABD)
    Discover best practices, industry trends, and educational resources for dealers, including repossession strategies.
    NABD

  • American Recovery Association (ARA)
    Connect with a professional community and access training, certification programs, and resources for recovery agents and coordinators.
    ARA

  • Repossessor's Guide
    This online resource provides guidelines, tips, and regulatory information for those working in the repossession industry, along with current news updates.
    Repossessor's Guide

  • International Association of Chiefs of Police (IACP)
    Explore resources related to law enforcement practices in repossession, including links to standards and training materials.
    IACP

  • Auto Dealer Magazine
    Stay informed about the auto finance industry and gain insights into trends in repossession, including articles from industry experts.
    Auto Dealer Magazine

  • U.S. Small Business Administration (SBA)
    For those considering starting their own repossession business, the SBA provides resources on business planning, financing, and legal structures.
    SBA

  • Tennessee Repossessors Association
    A state-specific organization that offers networking opportunities, legal advice, and updates on local regulations affecting repossession activities.
    Tennessee Repossessors Association

  • Legal Information Institute
    Review general legal principles, case law, and statutes that may affect the repossession process.
    Legal Information Institute

Utilize these resources to enhance your knowledge and skills in the repossession coordination field, ensuring a well-rounded understanding of the industry and its regulations.

Frequently Asked Questions (FAQs) About Repossession Coordinator in Tennessee

  • What is the primary role of a Repossession Coordinator?
    The primary role of a Repossession Coordinator is to manage and oversee the repossession process for vehicles or equipment. This involves coordinating with repossession agencies, maintaining communication with lenders and clients, and ensuring that all legal requirements are met during the repossession process.

  • What qualifications are required to become a Repossession Coordinator?
    Typically, a high school diploma or equivalent is required. Additional qualifications may include experience in collections, customer service, or logistics. Some employers may prefer candidates with a degree in business or finance.

  • Is prior experience in repossession necessary for this role?
    While previous experience in the repossession industry can be beneficial, it is not always a strict requirement. Many employers value skills such as problem-solving, organization, and strong communication abilities, which can be developed in various other roles.

  • What skills are essential for a successful Repossession Coordinator?
    Key skills include:

    • Strong communication and negotiation abilities
    • Attention to detail
    • Problem-solving skills
    • Organizational skills
    • Familiarity with legal regulations related to repossession

  • What are the typical working hours for a Repossession Coordinator?
    Working hours can vary based on the employer. Many positions operate during standard business hours, but some may require flexibility, including occasional evenings or weekends, especially when coordinating urgent repossessions.

  • Do Repossession Coordinators work remotely?
    Opportunities for remote work may vary by employer. Some companies offer remote coordination roles, while others may require on-site presence, particularly if local repossession operations need to be supervised.

  • What is the career outlook for Repossession Coordinators in Tennessee?
    The career outlook for Repossession Coordinators is generally stable, particularly as financial institutions continue to seek effective management of delinquent accounts. As the economy fluctuates, demand for repossession services can increase, leading to potential job growth.

  • What industries employ Repossession Coordinators?
    Repossession Coordinators are commonly employed in industries such as automotive finance, banking, rental equipment, and consumer lending. Any sector that relies on asset financing may require such professionals.

  • Are there certifications available for Repossession Coordinators?
    While certifications specific to repossession coordination are rare, courses in collections management, credit analysis, or asset recovery are available. These can enhance your credentials and improve job prospects in this field.

  • What challenges do Repossession Coordinators face?
    Common challenges include dealing with distressed clients, navigating complex legal regulations, and ensuring effective communication among all parties involved in the repossession process. Emotional resilience and strong negotiation skills are important to manage these situations effectively.