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Credit Union Repossession Challenges and Solutions

Credit Union Repossession Challenges and Solutions. Moderator Mark Rubino Senior Vice President. CREDIT UNION PANELISTS. Mary Hernandez Collection Administrator Pacific Oaks FCU Joel Bowen Loan Resolution Manager CalTech Employees FCU Susan Marshall Collection Manager Ventura County CU

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Credit Union Repossession Challenges and Solutions

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  1. Credit Union Repossession Challenges and Solutions

  2. ModeratorMark RubinoSenior Vice President

  3. CREDIT UNION PANELISTS • Mary Hernandez Collection Administrator Pacific Oaks FCU • Joel Bowen Loan Resolution Manager CalTech Employees FCU • Susan Marshall Collection Manager Ventura County CU • Art Sookazian Director of Collections Xceed FCU

  4. Credit Union Repossession Challenges and Solutions • Repossessions - The Choice is Yours: • Determining Factors: • Account DQ Status • Customer contact • Account Balance • Value of your collateral • Repossessions - The Choice is Made for You: • Voluntary surrenders • Bankruptcy • Impound • Lien Sale Notice • Notice of Intent • Local or Out of State • Balance and Fees • Eligibility Sale Date

  5. Credit Union Repossession Challenges and Solutions • Repossession Disposition • Storage: Fees ,Liability, and Depreciation • Selling at the Branch: Security, Liability, Depreciation, Limited Exposure • Consignment: Security, Depreciation, and Consignment Fees • Remarketing Co.: Fees, Control of Collateral Flooring, Out of State Repos • Auctions: Secure, Minimum Fees, Maximum Exposure, Total Control • Reconditioning • Reconditioning for retail sales is usually much more expensive • Improve appearance and the buyer’s perception of vehicle’s maintenance. • The buyer (dealer) will pay more since he does not have to take vehicle from place to place for repairs or detailing after purchase. • Additional Expense vs. Increased Sales Results

  6. Credit Union Repossession Challenges and Solutions Q & A Thank you!

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