You are purchasing a car and the bank asked you to complete the necessary paperwork.

One of the questions asks if you are involved in any current or pending litigation. Unfortunately, last week you were involved in an auto accident where you rear-ended another car and clearly were at fault. While you have auto insurance, the other party is claiming significant damage to their car, plus whiplash and other injuries that, if proven, might exceed your insurance coverage. At this point, the attorneys for the other party are talking with your insurance carrier. Do you disclose the accident on the loan application?

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The detailed answer for the above question is provided below ANSWER Yes the acci... View the full answer