Colleteral Loans?

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Is it possible to get a collateral loan on a car that is owned by three people without the other people's signature?

Colleteral Loans?

possible? yes. Legal? no way.

If you default on this "loan" (scam), not only will you be liable for collection/court costs/attorney's fees etc...in addition to REPO fees for the car.

You will owe way more than whatever loan you recieved in lieu of collateral.

Finally, the other two owners can sue you for fraud as well incuring further legal costs.

If some one is willing to give you a loan that is legally questionable..you might want to consider the possible repercussions.. Godo luck.



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