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Adding Spouse to Title of Vehicle

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Question: 
We have a borrower who purchased a vehicle and uses it as collateral on the loan. The borrower later wishes to add his wife to the Title of the vehicle. Does the wife have to sign an already existing Security Agreement if the State Licensing Department only requires a letter from the bank that gives permission for her to be added to the Title?
Answer: 

What does your attorney advise? We would require a collateral addendum to be signed by both parties.

First published on BankersOnline.com 5/16/11

First published on 05/16/2011

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