In the event that the vehicle is titled with dual ownership (two owners), the way the vehicle is titled is what determines if both owners will be required to be on the application for a title loan with Lake Title. The way the names are separated on the registration, title or title application paperwork will determine how to proceed with your title loan request. The three ways that dual ownership is reflected is with “OR”, “AND” or no conjunction between the names. Below you will find what the different conjunctions means in regard to the ownership of your automobile.
“OR”:
The use of the conjunction “OR” to separate the names for ownership of an automobile allows either owner to act alone in matters in which a vehicle is dually owned. This means if you have two owners on your title with the ownership indicated as “OR”, then only one of the owners will be required to complete the title loan request and sign the appropriate paperwork for Lake Title to secure the lien on the title for your title loan. If your title is separated by “OR”, either owner is eligible to apply for the title loan or you still have the option for both owners to apply.
“AND”:
The use of the conjunction “AND” to separate the names for ownership of an automobile requires both owners to act together in matters in which a vehicle is dually owned. This means if you have two owners on your title with the ownership indicated as “AND”, then both of the owners will be required to complete the title loan request and sign the appropriate paperwork for Lake Title to secure the lien on the title for your title loan. If your title is separated by “AND”, you will both be required to be on the account through the use of our co-signer program for your title loan.
No Conjunction Between Owners:
In the event that your title has both owners’ names listed with no conjunction used to separate the names for ownership, the use of “AND” is automatically assumed and both parties will are required to act together at all times in any matters that involve the automobile that is dually owned. Both owners will be required to complete our title loan application through the use of our co-signer program.
If you do have a title that is dually owned and only one of the owners wants to apply for title loan when the names are not joined by “OR”, you have the option to change the ownership to reflect the conjunction “OR” on the title if both parties are able to go to your local DMV prior to applying for a title loan or your co-owner can sign over the ownership of the automobile to the other party which will allow the other party to process the appropriate paperwork through the sate at the local DMV to have the change of ownership completed. Although this is not a common situation for us, this is an alternative for you and the co-owner to be able to do in the even that this is the best decision for you and the co-owner of your vehicle.
Do you have additional questions regarding title loans with two people on the title? Please reach out to one of our friend office representatives at (352) 692-2274 and we will be happy to answer any questions!