Has anyone gotten a car through 722 redemption?

[purplenova]

just approved through the 722 redemption program and spoke to a Jake Sweeney rep.

From all indications, this program is for a lease "option" not a buy.

Can those of you who used this program share your thoughts

Thanks

[purplenova]

just spoke to the 722 (Jake Sweeney) folks again

The interest rate is 24% up to 60 months depending on the car mileage.

WHEW !!!!!!!

http://www.sweeneysmartmart.com/

[scla]

More information for those who want to keep the car they have

722 redemption also works for those that want to keep the car they currently have but the car is really not worth what the outstanding loan on the vehicle is at this time. This is usually the situation for most people who are financing a car. The biggest obstacle in this situation is getting approval from a 722 redemption company. This page explains a bit more information about how 722 redemption works.

[majicman50]

We used this program a year ago to purchase a car. It has lots of issues but beats the used car "sharks" out there. First, there are limited local dealers that will work with the program. I refused to deal with Sweeney an out of town dealer. their cars seem to be used fleet cars that are not very appealing. Secondly due to fees and the way the program is set up you will be limited to which vehicles will work even with a $2,000 down payment. That was the part that dissapointed me most. Ask 722 for a list of dealers in your area. Good Luck.

[purplenova]

From all the conversations I've had with the "722" folks. It appears that they are explicitly, Jake Sweeney. I asked them for a list or names of other dealers in my area "OHIO" and they told me they are the only 722 dealer in Ohio.

Now, if that is the truth, so be it, but I don't personally don't like Sweeney. Had dealt with them several years ago, it was a different location in the cincinnati area, but the same company, in my mind.

The sales person was rude and abrubt and not the kind of person I personally care to do business with.

The 722 folks were friendly and attempted to work with me on a car, but unless I had several thousand to put down, the cars in my payment range were not cars that had what I needed. From my point of view, most of these vehicles are just that, vehicles that get you from point "A" to point "B".

My want to try these folks out. They say in their commercial they can help with bankruptcy clients - http://www.rosecitymotors.com/

[nokia123]

i am thinking about dealing with them to keep my car and paying off the loan to carmax, has anyone ever had to deal with them with paying off your car?

[Christina83]

I just got a call from them. The guy told me $200 down $300 a month with a 24% interrest rate for 54 months. I it sounds god but that is not something I can afford at the time! Oh the car is a 2006 chevy cobalt 30,000 miles.

[CanBreathe]

I was approved by 722. I couldn't refinance my car because the Credit Union refused to lower the balance down to the current value. I was then given a list of cars that I could choose from for the alloted monthly payment of $400.00 The term was 60 months and the interest rate was 24%. It all seemed crazy so I called Capital One. I got a nicer car than 722 had, 11.% interest and only $270 per month payment. Check into all of your options before you choke down 24% interest.

[Christina83]

I am looking, but being that it took me so long to file and I wasn't paying the credit cards and things my credit score is LOW. It's gonna be really hard to get something right now. Did u call capital one or did u apply online? I applied online and was declined!

[prestlrp]

CanBreathe are you open bankruptcy or discharged?

[CanBreathe]

I was approved by Capital One, one week after discharge. I returned the expensive car two weeks after discharge.

[pris72]

Capital one auto finance just turned me down, and I am now 3 months post discharge. I went to Team Toyota next to my house, and they told me that I need a co signer. No, I do not want to do that. I want it in my name only. I am getting down in the dumps, because the one thing my attorney told us we should easily get approved for even prior to the discharge is a car loan. I just want a used car to help establish my auto credit, in order to purchase a new car in say 2 yrs. from now. I am not picky. I will take a small SUV or small 4 door car for now $15,000 or under with less than 50,000 miles on it. I just can't get approved. I do not want to keep having my credit pulled either, because I do not want to lower my score too much. I am trying to better it.