2007-01-26 05:18:22 · 3 answers · asked by kei kei 1 in Cars & Transportation ➔ Buying & Selling
Yes , in some states the same bank can have a second lien , most banks would not do a second lien . Most banks would not do a second lien on a title that has a first lien.
If the car has two names on it then either person could get a loan without the others consent if the title has the word "or" between the two names. If the title has the word "and" between the two names then both people must consent.
If two people are married (or , see above) and seperated , then one of them could go to the bank and get a second loan without the spouses consent if there is enough equity in the car.
2007-01-26 05:54:56 · answer #1 · answered by 1diputs 4 · 0⤊ 0⤋
While not illegal it would be a poor business practice. The bank can be the legal owner of the car on the title only once. The registered owner would have to be both parties the loans were made to. I have never seen it done this way.
2007-01-26 05:26:41 · answer #2 · answered by yes_its_me 7 · 1⤊ 0⤋
its called fraud...see you in jail!
2007-01-26 05:24:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋