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    car redemption (722 redemtion.com)

    Hi,

    Due to impending divorce, our chapter 13 is going to be dismissed and i am going to file a CHAPTER 7. of course i was behind on my 2007 car and the arrears was going to be covered in the chapter 13. i understand you have to be current to keep your car in a chapter 7. can i get some more input from people who have redeemed a car or bought a replacement car through US Bank (or other lender) to find out how the process works? one lawyer told me she had sent several clients to 722 redemption but no one could get approved?!

    ps...........due to time frame we can not convert to chapter 7

    #2
    I was approved... but didn't redeem my vehicle. It is probably your only option, redemption, when converting from Chapter 13 to Chapter 7 with arrears still on the vehicles. The interest rate is high on the USBank redemption loan(s), but it can be worth it in the long run.

    Of course you'll need to immediately file your Chapter 7 since your Chapter 13 dismissal will bring the vultures out.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      We applied with them on Thursday. They said we should hear something tomorrow.

      I'm trying to refinance my current vehicle through them.
      4/09 Converted to a Ch 7 due to loss in dh's income
      5/09 UST now involved no idea what happens next
      7/09 UST has decided to withdraw his motion to dismiss!
      7/27/09 DISCHARGED!!!

      Comment


        #4
        They want 24.99% interest. They can go POUND SAND.

        Try to keep your car as long as possible. Get your attorney to fight for you to keep it so you can bankroll cash to put towards a new one. Like I said in my other post, my new attorney was able to have one of his clients keep an Infiniti G35 for 3 entire years without paying a dime!!

        If I can't buy a brand new one, I am going to try to pay cash for a 1 or 2 year old car. There's no way I can live with paying somebody 25% interest. That is highway robbery.

        Comment


          #5
          what did you need to apply?

          Comment


            #6
            I am sure there are sub-prime banks that the car dealers will be able to work a deal with if you put a huge down payment. It's when you put $0 or little down is when the banks want to stiff you with ultra high interest.

            Comment


              #7
              We called them to see if they could help us. We have a car that we owe close to $18 on but it's worth about $13. We never went through the application process because when the guy ran the numbers, the payment would have gone up $100/month. No thanks!
              filed chapter 7 BK 4/27/09
              341 meeting 6/4/09
              DISCHARGED!!! 8/5/09

              Comment


                #8
                Originally posted by downsized View Post
                We called them to see if they could help us. We have a car that we owe close to $18 on but it's worth about $13. We never went through the application process because when the guy ran the numbers, the payment would have gone up $100/month. No thanks!
                That's what I am sayin'!!!

                That's a SCAM. GIVE THE CAR BACK!!! You can ALWAYS BUY ANOTHER ONE!

                After you file and after the discharge you will be inundated with car offers. just try to save up $3,000 to $5,000 down doing the BK process. Then when everything is discharged, you should have a very large down payment. Banks like it when you have risk on your side. When you have money to lose, then they are willing to give you better terms.

                Comment


                  #9
                  722 redemtion

                  I have a couple of ?'s..

                  Is this for people that are behind on there current car note, and are trying to keep there car?

                  Or people that are currently in BK trying to get a car?
                  Here goes nothing..
                  Filling again... 11/8/10

                  Comment


                    #10
                    Originally posted by Anxious216 View Post
                    I have a couple of ?'s..

                    Is this for people that are behind on there current car note, and are trying to keep there car?

                    Or people that are currently in BK trying to get a car?
                    it's for either case. It is especially for people in a Chapter 7 who owe (significantly) more on the car than it's worth. This allows them to "purchase" the vehicle for the current market value and then pay the new bank. However, the interest rate is usually higher, so you need to factor that in. Generally though, the payments go down around 20%, but trying to do this with a new car or a car with 0% financing on it... will generally yield a higher payment.

                    For all Bankruptcy cases (Chapter 7 or Chapter 13), it allows the debtor to surrender their current car and purchase a new or used car... while in Bankruptcy.
                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog

                    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                    Comment


                      #11
                      'Google' 722 redemption. I know the first website which should appear is through US Bank. You can apply 'online' or call them.

                      I called them as Dh's truck is financed through them. No deal for us.....only new customers.

                      Comment


                        #12
                        Originally posted by LuciluS View Post
                        'Google' 722 redemption. I know the first website which should appear is through US Bank. You can apply 'online' or call them.

                        I called them as Dh's truck is financed through them. No deal for us.....only new customers.
                        I will i currently have a 99 sable that has been on her LASSSSSSSSSST LEG for sometime, but with filling bankruptcy I just figured that I would cont. to just have "this and that" fixed as I could. Until I heard about this.
                        Here goes nothing..
                        Filling again... 11/8/10

                        Comment


                          #13
                          The trick to making life easier is BANKING MONEY. During your Chapter 7 process, you need to put away MEGA-THOUSANDS. Drag out the process as long as possible. Put away as much as you can, off the books. Then once you file, you can go on the books.

                          Once the 341 meeting is done and you're discharged, you should hopefully have no less than $3,000 in your hands to either put down or buy a used car from somewhere for cash.

                          Comment


                            #14
                            Originally posted by debtmonster View Post
                            The trick to making life easier is BANKING MONEY. During your Chapter 7 process, you need to put away MEGA-THOUSANDS. Drag out the process as long as possible. Put away as much as you can, off the books. Then once you file, you can go on the books.

                            Once the 341 meeting is done and you're discharged, you should hopefully have no less than $3,000 in your hands to either put down or buy a used car from somewhere for cash.

                            This is completely inappropriate advice.
                            Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                            Comment


                              #15
                              Originally posted by debtmonster View Post
                              The trick to making life easier is BANKING MONEY. During your Chapter 7 process, you need to put away MEGA-THOUSANDS. Drag out the process as long as possible. Put away as much as you can, off the books. Then once you file, you can go on the books.

                              Once the 341 meeting is done and you're discharged, you should hopefully have no less than $3,000 in your hands to either put down or buy a used car from somewhere for cash.
                              Yeah, and you'll need that $3k for an attorney once you get caught lying to the bankruptcy court.

                              Comment

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