Thursday, September 15, 2011

Can I use my car as collateral?

I am trying to rent an apartment but I dont have enough money for the first, last and security. The landlord is offering to use my car as collateral...can I do that? And if so how? Can we write our own contract and have it signed and notarized?
Can I use my car as collateral?
Yes but make sure you make your payments as they could take your car!
Can I use my car as collateral?
If you don't have the money for 1st, last or security...you have no business getting an apartment. As far as the car goes...yes, as long as it's completely paid for, your landlord can put a lien against it. BTW...you have a fool for a landlord.
Any physical property you own can be used as collateral depending on its monetary value, so yes you can.
If he is willing to accept a lien on the car, fine. It's legal; even if you already own money. Talk to the local clerk of the court to see how he should file a lien against the title; or ask DMV
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