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    troysaylor's Avatar
    troysaylor Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 5, 2009, 05:36 PM
    Title Law - Auto - power of attorney required?
    Hello

    I financed the purchase of a vehicle a couple of years ago, no issues with payment, everything is current etc.

    I received a request to file a "Power of Attorney" to amend the vehicle's title. The finance company is not currently listed on the title as a lienholder.

    What happens if I do not add them as a lienholder? Not trying to get out of paying them or anything just curious if they have any recourse and what that recourse might be.

    Thanks

    T
    C-O-P's Avatar
    C-O-P Posts: 44, Reputation: 0
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    #2

    Feb 5, 2009, 05:58 PM

    Not being listed as a lienholder does not imply that you do not have a debt to the finance company. It does, however, limit their ability to claim the vehicle should payments fall behind. The vehicle was, I am sure, properly listed as collateral for your loan, but without a lien being filed (similar to a standard UCC financing lien for commercial finance). The only way for them to take your vehicle now is to go to court - in which case you may end up owing them for legal costs too.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 5, 2009, 07:49 PM

    If the loan papers state you will supply them a title with a proper lien, they could force you, and/or call in the loan.

    I would read the loan papers carefully
    troysaylor's Avatar
    troysaylor Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Feb 6, 2009, 11:29 AM
    Thanks - appreciate the response.

    No intent to avoid paying the loan - I was just curious about the nuances of not providing the POA.

    Thanks for the feedback.

    T
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