Q&A: Why would a financial institution want a power of attorney for an auto loan instead of just a lein hold?

Question by luvwknd .: Why would a financial institution want a power of attorney for an auto loan instead of just a lein hold?
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?


Answer
Answer by scottsmylieI think it is to make the title transfer process easier. Usually it is a temporary POA.

What do you think? Answer

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