Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 597
Registered: ‎01-31-2008
0

Auto Loan - Power of Attorney

I filled out an Auto Refinance App through LendingTree.  The first response sent me the loan documents and I saw forms for limited Power of Attorney.  Is this a scam?  I don't remember seeing that on my original paperwork and wanted to make sure this was something legit.

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Valued Contributor
Posts: 1,934
Registered: ‎10-31-2011
0

Re: Auto Loan - Power of Attorney


EaglesFan2006 wrote:

I filled out an Auto Refinance App through LendingTree.  The first response sent me the loan documents and I saw forms for limited Power of Attorney.  Is this a scam?  I don't remember seeing that on my original paperwork and wanted to make sure this was something legit.


When you purchase a car from a dealer a "limited Power of Attorney" is signed in all that paperwork. Generally a limited Power of Attorney allows the lender (dealer) to do the title, the lien, mileage statements, etc. I would of course read the documents and if you have questions ask, but generally a limited Power of Attorney is part of an auto loan/purchase settlement - no big deal.

Established Contributor
Posts: 597
Registered: ‎01-31-2008
0

Re: Auto Loan - Power of Attorney

I guess I'm confused becasue I didn't see the same form on the refiance documents I got from Cap One...

 

Here is what the form says...let me know if it seems right...

 

 

 

LIMITED POWER OF ATTORNEY FOR SALE OF MOTOR VEHICLE

To authorize another to sign bill of sale, title and other documents.

 

 

KNOW ALL PERSONS BY THESE PRESENTS, THAT I/We __________________________________________

________________________, whose address is _______________________________________________________,

_________________________ (City), __________________ (State), ________ (Zip), desiring to execute a LIMITED

POWER OF ATTORNEY, hereby appoint, ______________________________________, of ____________________

County, New Jersey, as my Attorney-in-Fact to act as follows, GRANTING unto my Attorney-in-Fact full power to:

Do all things necessary to sell or transfer the property described below, including, but limited to, execution of a bill

of sale, title, odometer statement, request for release of liens, and other documents, and to receive all funds from the

purchase of same

 

Then it lists the vehicle as property and says...

 

I hereby ratify and confirm all that said attorney-in-fact shall lawfully do or cause to be done by virtue of this Power of

Attorney and the rights and powers herein granted.

All acts done by means of this power shall be done in my name, and all instruments and documents executed by my

Attorney hereunder shall contain my name, followed by that of my attorney and the description "Attorney-in-Fact",

excepting however any situation where local practice differs from the procedure set forth herein, in that event local practice

may be followed. This LIMITED POWER OF ATTORNEY shall be valid and may be relied upon by any third parties until

such time as they receive notice of revocation of same.

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Established Contributor
Posts: 684
Registered: ‎05-02-2008
0

Re: Auto Loan - Power of Attorney


EaglesFan2006 wrote:

I guess I'm confused becasue I didn't see the same form on the refiance documents I got from Cap One...

 

Here is what the form says...let me know if it seems right...

 

 

 

LIMITED POWER OF ATTORNEY FOR SALE OF MOTOR VEHICLE

To authorize another to sign bill of sale, title and other documents.

 

 

KNOW ALL PERSONS BY THESE PRESENTS, THAT I/We __________________________________________

________________________, whose address is _______________________________________________________,

_________________________ (City), __________________ (State), ________ (Zip), desiring to execute a LIMITED

POWER OF ATTORNEY, hereby appoint, ______________________________________, of ____________________

County, New Jersey, as my Attorney-in-Fact to act as follows, GRANTING unto my Attorney-in-Fact full power to:

Do all things necessary to sell or transfer the property described below, including, but limited to, execution of a bill

of sale, title, odometer statement, request for release of liens, and other documents, and to receive all funds from the

purchase of same

 

Then it lists the vehicle as property and says...

 

I hereby ratify and confirm all that said attorney-in-fact shall lawfully do or cause to be done by virtue of this Power of

Attorney and the rights and powers herein granted.

All acts done by means of this power shall be done in my name, and all instruments and documents executed by my

Attorney hereunder shall contain my name, followed by that of my attorney and the description "Attorney-in-Fact",

excepting however any situation where local practice differs from the procedure set forth herein, in that event local practice

may be followed. This LIMITED POWER OF ATTORNEY shall be valid and may be relied upon by any third parties until

such time as they receive notice of revocation of same.


pipeguy was on the money EaglesFan2006.  That is a standard MV Power of Attorney for the state of NJ.  It allows the dealer to do all MV work in your name without you persent.  Nothing more.  We use it every day.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
New Visitor
Posts: 1
Registered: ‎09-19-2012
0

Re: Auto Loan - Power of Attorney

Hello - I realize this it a bit older but stumbled across it with my own questions. I applied for a loan and the power of attorney form is very vague. It states Appoint xxx as attorney to execute... any and all papers to transfer and assign the following vehicle. It does not however state it is a limited power of attorney, nor does it have a time limit.  Does this seem ok to anyone? Im a bit skeptical, I have never financed over the internet/phone before.

 

Thanks,

B

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.