Posted By: countrytink
Vehicle Loan - 08/21/08 03:06 PM
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.
Posted By: Gertie
Re: Vehicle Loan - 09/04/08 01:51 PM
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#__/__/__/__/__/__/__/__/__/__/__/__/__/__/__/__/__/