Why Would A Financial Institution Want A Power Of Attorney For An Auto Loan Instead Of Just A Lein Hold?

Thursday, February 11th, 2010 at 5:04 pm  
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I am attempting to refinance a 2006 model auto with a different institution for a lower interest rate however, this institution wants a power of attorney over the vehicle. I’ve had hundreds of auto loans and have NEVER given a POA to the lending institution – so why now?

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What Is Power Of Attorney Involving On Registering My Vehicle At The Dmv?

Friday, February 5th, 2010 at 10:57 am  
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There may be a couple of reasons why Power of Attorney is being requested.
Are you attempting to register a vehicle that has been bequeathed (that is left by a person who has died) to you?
Are you of legal age (most states it’s 18, but there may be some exceptions) to legally own a vehicle?
Did you hire (or ask) someone to go to DMV to fill out forms and/or request a vehicle be registered in your name?
There are probably several other reasons that Power of Attorney may be requested, but I can’t think of any right at this moment.

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