722 Question

[MSH]

Does anyone have any experience with 722 Redemption.

I was approved, and was looking around the site and cars. Not sure how i feel about the whole process. I was curious if anyone has used them and there experience with them.... or, has anyone heard any positive or negative about them?

[SubPrimeME]

722- why pay 20-24%

Normally the 722 is ok(I stress just ok) if you want to keep your existing car- they may be able to cram it down even(adjust loan to equate to market value of car, not what you owe)... However this isn't the case for you, so I would say, why do a 722? The rate they give is normally higher then what you will get at a dealer- or financing on your own.

Anyways, explore your options the 722 isn't that great.... did you get an interest rate yet?

are you discharged?

[MSH]

No....I am not discharged, i just filled and am looking for a vehicle for family reasons. They gave me a monthly price which is the same i pay now. Is there any other places that give you a car loan while in BK

[fathergolf]

We also looked at 722 but the 24% interest was too high for me. We did get financed through Prestige Financial before we were discharged rate was 17% still high but in a year I will refinance it. You can contact them to see what dealerships in your area they work with. We got a 2008 Trailblazer from a Chevy dealership and it all went smooth.

[jeb]

No....I am not discharged, i just filled and am looking for a vehicle for family reasons. They gave me a monthly price which is the same i pay now. Is there any other places that give you a car loan while in BK

OK, and you would like to go with the 722 at the same payments as you have now for what reason? If they can't get you lower payments, why do it?

I checked it out and they came up with $5,000.00 less owed on my vehicle BUT higher payments - and very high interest, of course. I will just continue to pay my present loan. - jb

[MSH]

fathergolf --> Any issues with them since you received the car?

jeb, i need a new car because the one i have does not accomidate my growing family.

Does anyone else no about Prestige or 722?

[jeb]

fathergolf --> Any issues with them since you received the car?

jeb, i need a new car because the one i have does not accomidate my growing family.

Does anyone else no about Prestige or 722?

Ah - sorry, I was thinking you were doing a 722 on your present vehicle.

There has been a lot of post about your mail box being flooded with offers from dealers after you file - don't know how good they may be but with the high interest rate 722 is offering I would think they might be worth looking into.

Good luck - jb

[fathergolf]

They were very easy to work with. We could have gotten in without any downpayment but we wanted to be in better shape in a year when we refinance. We negotiated the price of the car with the Chevy dealership and got a lower price and the financing was easy for us. Prestige has called a couple of times to verify a couple of questions and to explain that there is no grace period on the loan, but we setup auto payment and you can also make payments on the site if you need. As of now I don't think it could have gone any smoother.

[marinah]

we used Fresh Start Loans...

and are saving $95/a month on our car payment, plus they crammed down the amount owed by $4500. Yes, the interest rate is 24%, but we can pay it off at any time w/out penalty, our payments are lower, and we're not underwater on the loan anymore! For us, it's a good deal.

[dogbone33]

722 won't help us... Prestige financial is not in OH. And those deals you get in the mail.... Well, they can't get you financed either..... They say they can but can't...... My dad even tried to get a car for us and since he already has a car loan he got denied. The banks are just not loaning. So if you need a new car at least you did get approved through 722. Cuz we are out of options and will be stuck with no car if our credit union don't come down to 8k on our Jeep.

[inpain66]

722 turned me down as well. I hope to keep my car which is with a credit union. I love my car and never missed a payment. I looked into 722 as a backup in case CU takes my car.

[Nicollette]

722 won't help us... Prestige financial is not in OH. And those deals you get in the mail.... Well, they can't get you financed either..... They say they can but can't...... My dad even tried to get a car for us and since he already has a car loan he got denied. The banks are just not loaning. So if you need a new car at least you did get approved through 722. Cuz we are out of options and will be stuck with no car if our credit union don't come down to 8k on our Jeep.

Dogbone, I see you're in OH also. I'm in an open 13 and I was approved for financing through Friendly Finance. The interest rate is 16.9. I haven't purchased a vehicle yet, because I'm waiting on the Trustee's approval. Give them a call, and they can tell you want dealerships they work with in your area. Here is their #, 800-872-2877 ext 204 or ext 263. They are located in Baltimore, MD. Good Luck!!

[MSH]

I was never told that i needed the trustee's approval, my lawyer told me to call 722. do you need trustee approval in every state?

[dingdong]

You need Trustee approval if you are in a Ch 13.


That particular poster stated they are in a 13 plan.

[Nicollette]

You need Trustee approval if you are in a Ch 13.


That particular poster stated they are in a 13 plan.

Yes, I'm in an open 13, and open Ch 13's do require the permission from the Trustee to incur new debt to be paid outside the plan. In my case, anything I would like to purchase $1000 or more, requires the Trustee's approval.