cosigned loan?
Our car just died and we need to get a new one – it`s not worth repairing ours. The interest rates we`re looking at are obviously very high post-bankruptcy and we just can`t afford it. My parents have agreed to cosign for us, in hopes of getting us a bit lower rate. Thing is, they don`t know about the bankruptcy. We are in such a better place, financially, now and paying the loan is not an issue.
Our bankruptcy was discharged last year.
If my parents DO cosign the car loan for us, do we have to tell them about the bankruptcy? Will the financing place tell them if we don`t?
Legally speaking when you borrow money if you are currently in bankruptcy you have to disclose this fact to the people you are borrowing money from. However, this condition does not exist if you ahve been discharged from bankruptcy.