Asked in Consumer Law and Contracts for Louisiana

Q: Someone took out a title loan that I am cosigner on but the loan company did not require my signature. Legal?

I did not know about the loan put on the car but I am part owner and they did not ask for my signature.

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
Answered

A: If the title to the car is written the same way most are, the two owner names are either unconnected or are separated by the word "or" which in either case means the car is owned equally by the owners. If so, then each owner can sell the car, or possibly take out a loan against the car; however, most reputable lenders will require all owners to sing the promissory note(s) so they can have a larger target if the loan goes south. You situation sounds like the lender is a pawn shop or title loan provider; which means they probably have possession of the title itself.

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