Manager, National Asset and Recovery

Meridian OneCap Credit Corp.; Toronto; Hybrid; CAD 90,000 - 130,000; Full time

Job summary

Meridian OneCap Credit Corp is seeking a professional with extensive experience in asset management to enhance their financial services. The role involves managing end-of-lease processes, maximizing recoveries, and collaborating across various departments. This hybrid position offers a chance to work in a dynamic environment where creativity and teamwork are valued. The successful candidate will play a pivotal role in generating income through effective asset management strategies.

Benefits

Hybrid work arrangements

Inclusive working environment

Tools and technology for success

Learning from industry leaders

Collaborative office culture

Qualifications

• Minimum ten years’ experience in Asset Management and Collections.
• Strong grasp of the leasing industry and legal regulations.
• Excellent problem-solving skills.

Responsibilities

• Oversee end of term asset disposal and manage relationships with vendors.
• Generate recovery dollars on written off accounts working with legal partners.
• Support sales with asset valuations for credit underwriting.

Skills

Negotiating

Problem solving

Loss recovery

Inventory management

Asset valuation

Education

Post-secondary education in finance

Tools

Microsoft Word

Microsoft Excel

Microsoft Outlook

Job description

Meridian OneCap Credit Corp (MOCC) is an equipment and finance company providing a broad range of financial services to businesses throughout Canada. Our parent, Meridian Credit Union, has over 70 years of banking history and is Ontario’s largest credit union.

MOCC is a provider of asset financing in the form of capital leases. We are committed to being the best provider of specialized equipment financing services to strategic vendors across Canada. Our service-oriented culture and exceptional group of professionals serves to provide our strategic partners with value-added service and constructive solutions.

Meridian OneCap Credit Corp provides customized leasing solutions both to help companies sell equipment and to companies that have chosen to lease equipment, rather than buy. For manufacturers and vendors, we enable you to provide your customers with a value-added service that helps your customers acquire equipment efficiently and gives your company a competitive edge. And for the end user, we can help you to preserve working capital in your business, while benefiting now from the use of the equipment.

Our team is known as industry leaders. We’ve earned our reputation through consistent delivery of financing programs with the most efficient transaction process and superior customer service. With the largest direct sales force within the Canadian market, it’s no wonder our customer service is unparalleled.

The incumbent is responsible for generating income including new business opportunities related to the management of the end of lease process. They are also responsible for maximizing recoveries and minimizing losses related to the recovery and remarketing of repossessed and off-lease assets.

• End of Term : Oversee the process of end of term asset disposal covering over-term leases and assets returned under our unguaranteed programs. This includes generation of renewal income, non-interest fee generation and fair market value realization.
• Inventory Management : Maximize recoveries from sale of inventoried assets that originate from repossessions and end of lease returns. Manage relationships with third-party vendors, remarketing partners, and auction houses to ensure maximum recovery values.
• Loss Recovery : Responsible for generating recovery dollars on written off accounts working with Bailiffs, Remarketers, Lawyers and Trustees

Originations

• Establish fair market value residual matrices for specific asset classes and vendor Within this, define the renewal strategy and set residual realization targets met for the unguaranteed programs.
• As required, provide one of exceptional fair market value residual pricing for large transactions or non-standard assets. This may include “walk-away”, guaranteed or TRAC opportunities.
• Support Sales and Credit by providing one-off asset valuations to facilitate credit underwriting

End of Lease

• Manage 90-day expiry

Verify renewal terms and ensure that purchase options are collected and maximize fair market

• Work with customers on the return of assets at the end of the lease as Issue return authorizations with the view to minimizing losses on off-lease assets and maximizing our returns.
• Collaborate with Customer Service, Collections and Accounting on the disposition of end of lease contracts and the generation of end of lease income.

Account Management :

• Work with Collections and Sales to determine appropriate remarketing channels for assets coming into.
• Work with law firms, Bankruptcy trustees to assist recover $.
• Ensure the timely sales of repossessed and off-lease.
• Maximize income and minimize expense associated with the sale of repossessed and off-lease.
• Verify and validate inventory values attached to repossessed assets on written off.
• Provide asset valuations on repossessed assets to aid Collections in establishing appropriate specific reserves on high balance assets (>

50k Net Investment).

• Provide expert judgment and advice to the Collections team to aid in recovery strategies for non-performing.
• Review and approve condition reports for assets to ensure readiness for liquidation.
• Collaborate with the marketing team to create targeted campaigns to promote remarketed assets through various channels.
• Responsible for KPI like recovery rate, inventory aging, recovery dollars collected.
• Solid grasp of the loss mitigation, remarketing and legal process from start to finish is a plus.
• Identify remarketing, law firm and bailiff partners; negotiate terms of engagement (commission, costs, SLAs).
• Maintain Service provider list and add / remove partners as
• Ensure partners meet compliance, regulatory and insurance criteria as mandated by the Credit Union.

Knowledge, Skills, and Experience :

• Minimum ten (10) years’ experience in Asset Management, Collections, Loss Recovery and Finance and Banking Industry Experience.
• Strong grasp of leasing industry
• Full understanding of legal and regulatory rules governing account collection and asset disposal / remarketing.
• Full understanding of security documentation and legal rights
• Highly developed problem solving and negotiating
• Completion of a post-secondary education program in finance would be an
• Experience with Microsoft operating systems including Word, Excel, Outlook and the Internet.

Office Location : Toronto Corporate Office. This is a hybrid opportunity

Meridian OneCap has a remote work policy that allows flexibility for employees to work remotely but also requires regular time in the office for purposeful meetings to collaborate, innovate and build effective relationships with your team, your colleagues and your leader which is very important to us.

What's in it for you?

• We have an inclusive and collaborative working environment that encourages creativity, curiosity, and celebrates success!
• We provide you with the tools and technology needed to delight your candidates and clients!
• You'll get to work with and learn from diverse industry leaders, who have hailed from top organizations around the world
• Hybrid work arrangements with in-person office time to collaborate, innovate and build relationships with your colleagues
• This isn't your typical "corporate" job. We work hard and we have fun!

Our Commitment to You

Meridian OneCap is committed to promoting an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to employing a workforce that reflects the diversity of our communities and Members in which we live and serve.

Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, or disability.

Please note that due to the volume of applications, only those under consideration will be contacted for an interview.

Thank you for your interest in Meridian OneCap.