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9/23/2010

This month I went to carmax and to get the car financed through wells fargo dealer service I had to sign a power of attorney in order for them to get the title for wells fargo. Since then Wells Fargo did call me to congratualte me on my car from carmax but did or did not say this practice was ok or not. I bought a car with carmax and wells fargo 8 years ago, but no problem with title then. I live and got the car in IL. Is this normal practices?

Thanks in advance,

James

Location: Chicago, Illinois

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Guest

James, you would have been told to sign a power of attorney if they did not physically hold the title to the vehicle you were purchasing. They can only have you sign this if they purchased the vehicle at the location where you got it from.

The previous owner may have had the car financed, and CarMax has spoken to the lender and knows the title is in route to them. This is done out of customer convience so that you don't have to return to the store to sign the actual title when it comes in. You most likely would have signed and affidavit of correction in case the title that does come in has an error on it.

That will give them the right to correct the title. Once again, good customer service.

Guest

no, never sign power of attorney to purchase a car. if you now have your title, you are fortunate and make sure the power of attorney is now cancelled

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