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My father in-law co-signed my auto loan and now he is going for bankruptcy. How this will affect me?

Written by Consumer

Auto loan was co-signed by my father in law. I think I’m listed as the owner but both names appear on the contract.

My father in law might go for bankruptcy soon and I’m wondering if this will affect me as the owner of a car he cosigned?

Thanks!

David




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Consumer

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1 Comment

  • He will no longer be the cosigner for your loan; however, depending on why you have him as a cosigner (neccessity vs. convenience, like lower interest rate) will determine exactly what happens. If he cosigned out of neccessity, then you will have to find a new cosigner in order to keep the same terms of the loan, if you can’t find somebody, the interest rate could way up and/ or you could “loose” the loan.

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