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Old 07-01-2010, 03:46 PM
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Default Can a individual (not a company) loan you...

...money and hold the title to your car? My husband and I need money to get caught up on a few bills that we accumulated when he was sick and couldn't work. We both own our vehicles and attempted to get a car title loan using my car title; my car is in way better condition than his. (I know they are risky and not good, but we really needed to pay these bills off). Everything was going good up until the guy tried to view the mileage on the car; it wouldn't work and of course they couldn't do the loan. I guess that's good, maybe it wasn't meant for us to get the money this way. Long story short, my dad offered to loan us the same amount of money the title loan was going to give us interest free and he will hold the title to the car, how does that work? We are expecting a settlement check in a few weeks and that's how we're prepared to pay this off. Do we sign the title over to him; lien wise..someone please explain this.
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