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#1024943 - 08/21/08 03:06 PM Vehicle Loan
countrytink Offline
Junior Member
Joined: Feb 2004
Posts: 48
Illinois
On a consumer loan for a new car purchase, does anyone still use a stamp on the back of a cashier's check payable to the car dealer that has language pertaining to placing of the bank's lien? I remember using one in my retail days but that was several years ago.

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#1030472 - 08/28/08 08:48 PM Re: Vehicle Loan countrytink
CubDave Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,562
Yes - we still do

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#1030832 - 08/29/08 02:42 PM Re: Vehicle Loan CubDave
corkygirl Offline
Power Poster
Joined: Sep 2004
Posts: 4,241
middle of the country
We do also
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#1034314 - 09/04/08 01:51 PM Re: Vehicle Loan corkygirl
Gertie Offline
Member
Joined: Jun 2005
Posts: 88
We use a stamp & a letter as well. Here is the sample language on the stamp.

Recipient/Endorser of check agrees to perfect
a lien in favor of __Your Bank Name___
directed by applicable state law, and to hold the Bank
harmless for all damages(including attorney fees) for any
preference actions or claims related to the perfection of the
Bank's lien, including but not limited to claims of owners,
third parties, and bankruptcy trustees.

VIN#__/__/__/__/__/__/__/__/__/__/__/__/__/__/__/__/__/

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