Auto Loan Financing Forms
auto loan financing forms
Purchasing a car through a private party with a power of attorney?
I’m purchasing a car through an older gentleman this weekend. I am having my auto loan financed through my credit union, but the previous lien on the car is from a different bank. The title and loan for the car are actually in his son’s name, but his son had an accident in February and is brain-damaged for life. The man I’m purchasing the car from has power of attorney over his son to sell his real estate and property. What are the requirements for such a sale? What forms do I need? What should I know before going ahead with the sale? Can he transfer the title into his name without the loan being paid off?
He needs to transfer the title over to himself and record the transfer with a ‘bill of sale form’. He will then hand you a copy of the bill of sale form and new title under his name. Then he needs to give you the authority to sell a vehicle on his behalf by filing a ‘motor vehicle power of attorney form’. Then you will be able to sell the vehicle on his behalf. You can get both forms at { http://www.legalformsbank.biz/ }.
Yes, he can transfer the title into his name without the loan being paid off.
