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Why power of attorney at end of lease term?
I had a vehicle with a balloon note, set up like a lease. I turned it in and now they are wanting me to sign a BLANK power of attorney form or they will say it was a voluntary repossession!
The co-borrower filed bankruptcy so they cannot get in touch with her, but the main question is WHY power of attorney and why are they threatening to damage my credit?
6 Answers
- Anonymous1 decade agoFavorite Answer
Even a blank POA should still be limited to what it can be used for. When I had a leased vehicle, my lender sent me a POA so I could update the registration.
Are they not telling you exactly what the POA is needed for? I'd sign it, as long as the POA clearly limited it to being able to transfer ownership of your specific vehicle (and I'd want the VIN listed on it). They probably need it so they can take the car from you, but not put it in their name, and do a direct transfer of title to the next buyer.
It's probably not as sinister as it seems, and with a little more information about their intentions, you should probably just do it.
- 1 decade ago
You are voluntarily turning in the vehicle and have a clean payment record? How much is the baloon and how much is the car worth? It might be advantageous to refinance the car or sell it off and pay the difference, much cheaper than taking a repo on your credit.
You have a loan, not a lease, and agree to pay the balloon at the end. If you don't you are out of term of the loan and that affects your credit. The repo will not be a good thing, voluntary or not.
Negotiate with the bank on how to clear this up without it negatively affecting your credit. They may be willing to help you out, but then again... the Power of Attorney is usually for the DMV paperwork. They need it to change registered owners on the vehicle. they are using the voluntary repo as leverage to get you to sign the Power of Attorney
- 1 decade ago
Number one...Balloon payments are never a good option. That is how they get people to pay more money than they ought to and try to mess with people's credit. I would get an attorney involved in this...you are going to have to in order to do a power of attorney anyways. You might want to check with the city that you live in and see if they offer any home buyer helps.
- KutekymmeeLv 61 decade ago
NEVER sign a blank power of attorney. they could do anything they wanted to you, including take over your bank accounts.
definitely check with a lawyer on this, something sounds very fishy.
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- fetteLv 44 years ago
the owner is unfastened to hire to every physique the owner needs. the owner needs to grant you the two with a termination of hire via the 10th month of the hire. - whether it extremely is previous that, she will outlive a month to month, yet he components 30 days hire termination on the 1st day after the top of the hire (so which you've got lived there 13 months). He can then initiate a sparkling hire with you, the two an prolonged tenancy (ie. set era of months) or month to month yet I advise something in writing between the two certainly one of you. If she does not go away on the top of the hire, the owner will could bypass by formal eviction procedures. 3-day word (or notwithstanding the time is on your state), accompanied up via suing her in court docket, accompanied via a sherrif lockout and so on.
- 1 decade ago
Do NOT sign the power of attorney, that means they can do anything they want.
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