Car Options WOW!

[inpain66]

So I currently have a car with the Credit Union. I want to keep her. I am not upside down. My lawyer thinks they will let me keep her but I am looking into other options...

I called a 722 redemption company and they explained that they would not recommend a redemption on my current car since it is not upside down.

They did say that they may be able to finance me for a late model used car though!

So if my Credit Union refuses to let me keep the car I can get another car through the redemption.

I am feeling much better about everything tonight!!

[memphisbk66]

I am still waiting for 722redemption to call me. I filed the application online yesterday. How long was your wait? I want to give up my jaguar and get a minivan since I am transporting my two kids and their friends.

[jeb]

From my experience from checking with several of the 722 companies, be prepared to bend over. - jb

[dogbone33]

I am still waiting for 722redemption to call me. I filed the application online yesterday. How long was your wait? I want to give up my jaguar and get a minivan since I am transporting my two kids and their friends.

You need to call them. I don't think they get those online apps. We still got denied though. Good luck.

[NoMoreRed]

As long as you are current on your car loan with the CU then you can always reaffirm to keep the car. You will have problems though if you have other credit accounts with them that are included in the bankruptcy. Also, most credit unions will lock your account once they are notified of the bankruptcy. My wife works for one and they can get pretty nasty if they want to. If your checking and savings are at the same CU as your car loan I would highly recommend opening a new account at a bank that you do not have a credit account with and move your money, automatic payments and automatic deposits to that new account prior to filing.

[jeb]

As long as you are current on your car loan with the CU then you can always reaffirm to keep the car.

I think the suggestion has been to NOT reaffirm the car but to keep making payments. As I understand it, there are some legal reasons for doing it that way. - jb

[inpain66]

My lawyer said that our local trustees will want me to either reaffirm, redeem, or let the car go. I have other debts with the credit union so I will need to make a choice.

I called the redemption company to get the info. I know the loans are high interest but I am going to need a car or I will lose my job.

[fathergolf]

We used Prestige Financial and they financed us before we were discharged. They work with certain dealerships in your city. The downpayment was low and interest rate was 17.95% high but not as bad as the 722 redemption. We got a 2008 trailblazer with 10,000 miles at a local Chevy dealership. You can call them to find out what dealership in your city they work with.

[jeb]

My lawyer said that our local trustees will want me to either reaffirm, redeem, or let the car go.

You can do a search to check it but I believe someone on the forums said to file to for reaffirm but when the lender sends the paperwork to not sign it - just keep making the payments.

Something about if you reaffirm and then can't make payments you owe the whole amount but if you don't reaffirm and just keep making payment and then can't pay all they do is repo the car.

But check this out. - jb