722 redemption

[aachudneymiles]

Us Bank? are they crazy?.. I said I would never entertain such but I wanted to see how much they would charge. 24% across the board-- isnt that illegal? I mean, I would have to be dumb to take 24%.. I'll keep my beater thanx...

[HHM]

That is about market rate for redemption financing.

Keep in mind, the reason for redemption financing is so you can keep a car that the TRUSTEE would otherwise take, so they know they have you between a rock and a hard place. And no, 24% does not violate any state's usury laws.

[rrockinggramma]

and to some it is the monthly payment that counts not the total amount paid out. For my ex it was a godsend because he wanted to keep his truck. It was financed through a credit union and they told us to keep the truck, we had to pay off everything we owed the credit union (you know -- cross collateralization) So we went 722 redemption, kept the truck at FMV saved about 100 a month in payment from what we were paying and discharged the credit union completely in our chapter 7. So it isn't right for all people but for some it is the perfect fit.

[aachudneymiles]

ok I didnt think of it that way...but you both are right.

[Bobbi]

i went thru prestige, who told me 21% and i nailed 17.95% less than 2 weeks ago my 341 isn't for 8 days