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No we cannot take altered documents
So we approved an auto loan, a bit of a tough one to get through underwriting because the customer has previous credit issues, but he saved up 4k to pay down, and has obviously been making the effort to get his past problems cleaned up, even if his credit score still stinks.
Our customer is wonderful through this, and I feel bad as hell for him.
He finds the car he wants out of state, being sold for less than what the seller still owes on it. Seller is paying the difference on that loan. This is doable. Since the deal isn't going through for a week plus, tell the seller to please pay down the loan quickly, because payment needs to have gone through so that the amount we are sending matches the payoff amount.
Well, seller doesn't do this. Informs us a day before everyone's set to meet up that he didn't get the payment in, but he has the money. *sigh* Okay, still doable. Bring the money to us and we can send it along with our portion of the payoff (which is part loan, part our customer's down payment). He's going to bring a certified check, so I verify that the issuing bank is one that will verify the check over the phone for me (not all will).
Customer is meeting seller at our branch that's right near the border (we don't have any locations actually in seller's state), so I've turned the loan over to a co-worker there to complete. Apparently, despite having actually TALKED with the seller directly, it doesn't come out until they all get together for customer to sign the loan and the seller has come in with his portion of the payoff and the title (not all states have the lender keep the title) that seller does not actually own the vehicle. His daughter, who is currently in yet a third state, is the owner.
Really? Really?
Okay, customer really wants this car and he's getting a good price. Fine. We can work this out. Daughter can sign a vehicle power of attorney allowing her father permission to sell her car. Or we can close the loan remotely, where she will sign a vehicle POA over to our bank. Either way, her signature will need to be notarized and we'll need the original document, but if she signs the vehicle POA over to the bank, we'll also need her to sign a payoff authorization for her loan. If she signs the vehicle POA over to her father, he can sign that form. Really doesn't matter either way.
They opt for her signing a vehicle POA to her father so he can handle the transfer. Make another appointment for everyone to get together, this time back up at my branch since customer doesn't want to drive out that far again and father is willing to make the drive instead to make up for the inconvenience.
So, they come in today to complete the loan.
Problem the first:
They bring the same payoff amount as they had for the original appointment. The issue with this is that auto loan payoffs go up every day and she has a really bad loan rate, so her loan 10-day payoff has gone up by $58. But you know what? I'm willing to get an overnight address, which we can still make in time for the original payoff date, and authorize covering the overnight fee.
Problem the second:
Remember the vehicle POA? The notarized vehicle POA? That lovely line where it says the name of the person who she's signing over authority to sign for her. It's been altered. Obviously altered. What it looks like is that the girl went and put in her own name, effectively signing POA over to herself. Actually a common mistake. But instead of getting it re-done, she decides to write over the original name with lines about 10-lines thick of her father's name.
Now, despite signs that might indicate such, I don't actually think the sellers are trying to do any sort of scam. But seriously, what makes them think there is any way that we can possibly accept that? (Don't answer that.)
So, yet again, we can't complete the loan, because we aren't doing ANYTHING without the ability to transfer the title to our customer.
Turns out the daughter is going to actually be in town later this week, so they make a third appointment to get together.
Customer called me about an hour later. Said he found a similar car at a local dealership. Bit pricier, but better mileage and options. Asked me if I thought he should take it. I'm not really in a position where I can recommend one car over another; I just do the loans, but I told him I'd take the dealer car or keep looking for another deal if I were him rather than waiting for these sellers to get their acts together. And I really, really hope he does ditch them and go for another car.
Our customer is wonderful through this, and I feel bad as hell for him.
He finds the car he wants out of state, being sold for less than what the seller still owes on it. Seller is paying the difference on that loan. This is doable. Since the deal isn't going through for a week plus, tell the seller to please pay down the loan quickly, because payment needs to have gone through so that the amount we are sending matches the payoff amount.
Well, seller doesn't do this. Informs us a day before everyone's set to meet up that he didn't get the payment in, but he has the money. *sigh* Okay, still doable. Bring the money to us and we can send it along with our portion of the payoff (which is part loan, part our customer's down payment). He's going to bring a certified check, so I verify that the issuing bank is one that will verify the check over the phone for me (not all will).
Customer is meeting seller at our branch that's right near the border (we don't have any locations actually in seller's state), so I've turned the loan over to a co-worker there to complete. Apparently, despite having actually TALKED with the seller directly, it doesn't come out until they all get together for customer to sign the loan and the seller has come in with his portion of the payoff and the title (not all states have the lender keep the title) that seller does not actually own the vehicle. His daughter, who is currently in yet a third state, is the owner.
Really? Really?
Okay, customer really wants this car and he's getting a good price. Fine. We can work this out. Daughter can sign a vehicle power of attorney allowing her father permission to sell her car. Or we can close the loan remotely, where she will sign a vehicle POA over to our bank. Either way, her signature will need to be notarized and we'll need the original document, but if she signs the vehicle POA over to the bank, we'll also need her to sign a payoff authorization for her loan. If she signs the vehicle POA over to her father, he can sign that form. Really doesn't matter either way.
They opt for her signing a vehicle POA to her father so he can handle the transfer. Make another appointment for everyone to get together, this time back up at my branch since customer doesn't want to drive out that far again and father is willing to make the drive instead to make up for the inconvenience.
So, they come in today to complete the loan.
Problem the first:
They bring the same payoff amount as they had for the original appointment. The issue with this is that auto loan payoffs go up every day and she has a really bad loan rate, so her loan 10-day payoff has gone up by $58. But you know what? I'm willing to get an overnight address, which we can still make in time for the original payoff date, and authorize covering the overnight fee.
Problem the second:
Remember the vehicle POA? The notarized vehicle POA? That lovely line where it says the name of the person who she's signing over authority to sign for her. It's been altered. Obviously altered. What it looks like is that the girl went and put in her own name, effectively signing POA over to herself. Actually a common mistake. But instead of getting it re-done, she decides to write over the original name with lines about 10-lines thick of her father's name.
Now, despite signs that might indicate such, I don't actually think the sellers are trying to do any sort of scam. But seriously, what makes them think there is any way that we can possibly accept that? (Don't answer that.)
So, yet again, we can't complete the loan, because we aren't doing ANYTHING without the ability to transfer the title to our customer.
Turns out the daughter is going to actually be in town later this week, so they make a third appointment to get together.
Customer called me about an hour later. Said he found a similar car at a local dealership. Bit pricier, but better mileage and options. Asked me if I thought he should take it. I'm not really in a position where I can recommend one car over another; I just do the loans, but I told him I'd take the dealer car or keep looking for another deal if I were him rather than waiting for these sellers to get their acts together. And I really, really hope he does ditch them and go for another car.
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