Can I get a title loan with two people on the title?
If your vehicle is titled with ownership to two individuals, the way that the vehicle is titled is going to determine if both owners of the vehicle will be required to apply together for a title loan with Jacksonville Title. When there are two owners, this is referred to as a dual ownership or co-ownership of the vehicle. On the title, your registration or title work from your state, the way that the names are separated will determine how you will be able to proceed with your title loan application. There are 3 ways that the dual ownership can be reflected – with “OR”, “AND”, or no conjunction between the two names. Here is what the different conjunction means with regards to automobile ownership.
The use of the conjunction “OR” to separate names for ownership of an automobile allows either owner to act alone in matters relating to the automobile in which is co-owned. So, if your vehicle is titled with ownership indicated as “OR” only one of the owners is required to complete the auto title loan application and appropriate paperwork needed to record the lien on the title for your auto title loan. If your title is joined by “OR” either party is eligible to apply or you can still apply for your auto title loan with both owners, the choice is yours.
The use of the conjunction “AND” to separate names for ownership of an automobile requires both owners to act together at all times in matters relating to the automobile in which is co-owned. So, if your vehicle is title with ownership indicated as “AND” both owners are required to complete the auto title loan application and appropriate paperwork needed to record the lien on the title your auto title loan. If your title is joined by “AND”, both parties are required through the use of our co-signer program for your auto title loan.
No Conjunction between Owners
If your title has both owners’ names listed and no conjunction to separate names for ownership of an automobile, then the use of “AND” is assumed and both parties are required to act together at all times in matters relating to the automobile in which is co-owned. If this is the case for your vehicle, both listed owners would be required to complete the title loan application through the use of our co-signer program for your auto title loan.
In the event that your title is dually owned and for whatever reason, only one of the owners wants to apply for a title loan and the names are not joined by “OR”, you can change the ownership to reflect the “OR” conjunction on the title, if both parties agree by going to your local DMV before applying for a title loan or the co-owner of the vehicle can sign over the ownership to the other party and process the appropriate paperwork at the local DMV to have the change of ownership processed through your state. Although this is uncommon, this is an alternative that you and the co-owner can do in the event that it is the best decision for you and the co-owner of your vehicle.
If you have any additional questions, Jacksonville Title would be happy to assist with getting you the answers that you need! Please call our friendly staff at (904) 880-2274! We look forward to assisting you!