Essential Job Functions
- Responsible for the remarketing of off-lease equipment including evaluation of the equipment coming off lease, setting a price based on current market conditions and the condition of the equipment and establishing primary and secondary market channels for the resale of equipment.
- Works with EFD’s Special Assets Department concerning remarket values for restructuring distressed transactions and the remarketing of repossessed equipment to maximize net recoveries.
- Selects contracts with and supervises outside appraisers, transporters, storage and remarketing agents for recovery and remarketing of off lease equipment.
- Works with landlords, customers and other third parties to negotiate release, recovery and storage of equipment.
- Responsible for tracking and reporting on current status of off lease equipment including obtaining information from third parties and maintaining off lease equipment database.
- Work with EFD’s Collection and Special Assets Departments on developing policies and procedures to enhance collection and recovery efforts.
- Proactively manage the process of establishing residual values for potential lease transactions and collateral values for potential lease and loan transactions across a broad spectrum of assets and industries.
- Design policies and procedures for implementing the front-end residual/collateral process.
- Work with EFD credit and sales and marketing groups to support, advise, expedite and effectively manage the front end residual/collateral process.
- Assist sales and marketing groups in structuring transactions to meet EFD new business volume objectives and profitability goals while mitigating residual risk through, among other things, setting realistic residuals and developing lease/loan document protection provisions including maintenance and return provisions designed to protect the bank’s equipment investment/collateral.
- Maintains the bank’s residual loan policy and recommends changes as needed.
- Continuously evaluate the portfolio in order to identify to EFD management potential early sale opportunities (or impairments), disposition, or termination of leases to maximize asset and residual values and enhance the overall portfolio yield.
- Track and review all maturing leases and negotiate equipment sales including purchase options, renewals, and early terminations. Design policies and procedures for tracking expiring leases including the development of reports to EFD management to include a lease expiry forecast as well as remarketing activity reports detailing gain on sales, extended rents and fee income.
- Develop an equipment sales data base to assist in the establishment of residual positions and purchase option values.
- Perform periodic portfolio reviews to track residual exposure, equipment concentrations and insure compliance with FAS 13 and external audits.
- Interfaces with RVI regarding covered equipment and the associated residual values under EFD’s insurance program.
- Performs other duties as assigned.
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