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Auto Loan - Power of Attorney

Established Contributor

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.

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Message 1 of 5
4 REPLIES
Valued Contributor

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.

Message 2 of 5
Established Contributor

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
Message 3 of 5
Established Contributor

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.

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Message 4 of 5
New Visitor

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

Message 5 of 5