We had our 341 mtg last monday. It will be discharged Sept 23rd. My truck is falling apart. My parents will co-sign for me, they have a+ credit. Will I have a problem getting a loan? Will I get a higher rate cuz of the bankruptcy or will they go off my parents credit?
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We tried that...our BK has not been discharged yet but we spilled our guts and told them the sad story but they still said instead of my father in law cosigning for our son's truck, they put the truck in his name. It was embarrassing but not unexpected. My father in law's credit score is like 805. One of these days it will be better but our son needed the truck for work so we had to try. They may require your parents buy the truck; dont be surprised. -
Most lenders will not enable a co-signer to assist a recent BK applicant in obtaining crediting. Co-signing is intended for individuals that dont have credit. It isnt designed to get a sub-prime applicant approved. You can either have someone purchase the vehcile for you, and while you make the payments. Or you can look in to getting financed from a lender or dealership that has partnerships with various banks that offer sub-prime lending. Or you could look into buying an affordable/reliable vehicle cash, and an interim solution
Good LucK!
BTW - Continue your discussion within the following link: http://bankruptcyforum.com/showthread.php?t=1843&page=2
Last edited by HRx; 08-06-2005, 01:34 PM.The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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