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The Authorization Letter For Car Loan Settlement is a crucial document used when a loan holder needs to delegate the authority to settle their car loan to another party. This document is particularly relevant under German law where strict banking regulations and consumer protection measures require explicit authorization for financial transactions conducted by third parties. The letter must comply with the German Civil Code (BGB) requirements for powers of attorney (Vollmacht) and include specific details about the vehicle, loan account, and the scope of authorized actions. It's commonly used when loan holders are unable to personally handle the settlement process, require assistance with complex financial transactions, or need to authorize a representative due to absence or other circumstances. The document serves as legal proof of authorization for banks and financial institutions to interact with the designated representative regarding the car loan settlement.

1. Header Information: Date, recipient bank/financial institution details, loan account number, and subject line

2. Authorizer Details: Full legal name, address, and identification details of the person giving authorization (the loan holder)

3. Authorized Party Details: Full legal name, address, and identification details of the person being authorized to act

4. Vehicle Information: Complete details of the vehicle including make, model, year, VIN number, and registration details

5. Loan Information: Loan account number, original loan amount, and current outstanding balance

6. Scope of Authorization: Specific powers being granted regarding the loan settlement, including payment processing and documentation

7. Duration of Authority: Time period for which the authorization is valid

8. Signatures and Authentication: Space for signatures of the authorizer, including date and place of signing