An Underwriter provides administrative support to NextGear Capital Account and Sale Executives and their customers (dealers). Reporting directly to the Lending Team Lead, an Underwriter is responsible for processing applications and reviewing documents for the purpose of assessing the credit worthiness of dealers and securing NextGear Capital’s overall interest. The focal points of the Underwriter are customer service and risk management. The Underwriter must partner with employees at the Field Executive level to deliver accurate and responsible financial services to our external customers. The individual should possess excellent work ethic with a high energy level, motivation, enthusiasm and ambition. Individual required to sift through complex information and focus on critical priorities. Proactive communication and ability to execute independently while maintaining the team work environment in a positive, proactive fashion.
Essential Duties and Responsibilities:
Develops a thorough understanding of NextGear Capital policies, processes and Procedure’s related to processing applications and/or modifications request to existing accounts.
Takes actions necessary to collect or verify information required to process secure credit decisions and processing of contracts.
Individual expected to possess a combination of skills that relate to the analytical nature of assessing lending requests and provide quality analytical summary on accounts identifying material risks through analysis of credit reports, legal reports, UCC analysis, and external web sites.
Combines NextGear Capital credit guidelines with professional judgment to recommend the level of credit to be extended to each dealer.
Attention to detail helps in ensuring accuracy in the process of assessing all critical facets of an accounts application. In particular, the individual should have finance, analytical, problem solving and decision-making skills to weigh the risks and costs of providing credit in a high volume environment.
Provides prompt, accurate and courteous service to both internal and external customers.
Specific Duties and Responsibilities:
Process all New Applications and existing NextGear Capital floor plan account reviews up to $250,000
Process Contract Modifications Review request of existing NextGear Capital accounts up to $250,000. Including but not limited to Line of Credit Increases, Term Changes, Signer Changes, and Entity Changes.
Pull, review, and interpret a credit report on both the business and the individual applicants. Examine length of credit history, nature of accounts, payment history, size of trade lines, credit utilization, in determining credit worthiness of applicant and business.
Research any relevant bankruptcy records, tax liens, and / or judgments in weighing applicants’ business or personal ability and willingness to repay NGC obligations.
Research through websites the UCC (Uniform Commercial Code) file position found under the business applicant legal name.
Validation of the business applying and who the accurate “legal” owners are through documentation provided and/or public record search.
Review field summary comments provided with business background and sales volume status.
Review NGC system for existing account performance overall in relation to account modification reviews.
Approval authority up to $250,000 with within scorecard completed. Underwriter has Decline authority.
Verify all NextGear Capital required contract supporting documentation per account to secure NextGear Capital interest.
Process all decisions and documents by completing a Lending Summary document.
Phone/Email contact to NextGear Capital Account/Sales Executive for information/documentation required to decision a request
Draft Full Legal Contract or Contract Amendments for customer and submit to NextGear Capital Account/Sales Executive for signing.
Update company system/tracking on the status of all duties listed above
Report the status for all duties listed above to the Lending Team Lead.
Job Knowledge, Skills and Abilities
Familiarity with concepts, procedures and processes typically used in automotive and financial services industries.
Understanding of how to interpret personal Credit Bureau reports, including but not limited to Bankruptcy, Tax Liens, and Judgments or any other public record.
Have the ability to interact professionally with internal and external customers.
Must be detail-oriented, organized and possess strong problem solving skills with the ability to make quick, accurate decision with limited information.
Possess the ability to manage multiple priorities and meet deadlines in a fast paced, high volume work environment.
Familiarity with business documentation including but not limited to sole proprietorships, S-corps, C-corps, partnerships and limited liability corporations is preferred.
Familiarity with Dealership licensing requirements throughout the United States and Canada.
Ability to research and analyze UCC filings in the U.S. and Hypothec filings in Canada to determine collateral positioning of all filers and its effect on account risk.
Have working knowledge of Microsoft Office software and Internet.
Telephone, keyboard, standard office equipment, windows-based computer system
Education and Experience:
High School Diploma or Equivalent
Post high school course work in a related field preferred but not required.
Knowledge of reading/speaking Spanish or French is preferred, but not required.
Prior work experience in Auto or Financial service industry is preferred but not required.
Sitting for long periods of time
May be required to lift and/or move boxes and supplies
NextGear Capital is the world’s leading independent inventory finance company, Providing flexible lines of credit for dealers to purchase new and used inventory throughout the U.S., Canada and the United Kingdom. NextGear Capital delivers innovative solutions that empower dealers to buy and sell inventory with versatile lines of credit that can be used at over 1,000 auto and specialty auctions and other inventory sources.
The company offers floor plan financing for nearly any type of remarketed unit in automotive retail, wholesale, salvage and specialty, including recreational vehicles and trailers, marine, powersports, used heavy trucks, auto salvage and auto daily rentals. NextGear Capital also provides a robust array of services and support allowing dealers to acquire and sell more inventory. This includes state-of-the-art online and mobile account management tools, market specific industry and dealer performance data, title services, records management and collateral protection. NextGear Capital is focused on service, technology and simple solutions that will help dealers stock more vehicles, attract more customers and close more deals. The company is headquartered in Carmel, Indiana and is part of the Cox Automotive group of companies.
About Cox Automotive
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer dot com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has 33,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues of $18 billion and approximately 60,000 employees. Cox Enterprises’ other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer dot com®, Dealertra...ck®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has 33,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues of $18 billion and approximately 60,000 employees. Cox Enterprises’ other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.