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Need a good 722 lender

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    Need a good 722 lender

    Does anyone know of any good companies to do a 722 redemption loan through?

    My wife and I have good credit but are about to file Chapter 7 because of job loss and getting ourselves into a big financial mess. We want to redeem our car that is worth approx $5,500 but we want to include it because the loan is really bad.

    Does having good credit matter with a 722 application?

    Thanks!
    Last edited by keezeed; 07-22-2009, 06:54 AM.

    #2
    US bank is one of the biggest but 722 lenders aren't licensed in all states. First you have to see if they are even licensed in your state.
    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!!!

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      #3
      the interest rate starts at 24%.. i know shocking

      I am in the middle of an arraingment with USbank (722redemption)
      my payment 250 less and the principle is about 12000 less
      the interest is 24% HOWEVER my intention is to refinance ASAP 6months to year for a lower rate
      worse case scenario - If i am unable to refi the total of this new loan if i continued to pay at 24% for the life of the loan it would still be less then the principle I owe now

      I feel confident that I will be able to refi though, and I think in a couple months i will be able to pay a little more

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        #4
        Out of curiosity, what was going on before you applied for the 722 loan with them? Were you behind with your lenders/ was your credit shot?

        My wife and I are 'preemptively' filing Chapter 7 so at the moment we have 'good' credit.

        Not great due to our debt to credit ratio, but we have years of perfect payment history at this moment, that is changing soon due to my wife being laid off, hence the preemptive filing.

        I was hoping to learn if this would be a factor with the 722 companies or not.

        Thanks!

        Comment


          #5
          Redemption loans aren't based on your credit, so your interest rate will be high regardless. The loan decisions are primarily based on your income and job stability. The benefit of the redemption loan is the ability to reduce the principal on your vehicle to it's current market value and since the redemption loan is a post BK loan, it will be tracked (positively) on your credit report (as opposed to a simply ride through, which is no longer tracked on your credit report.

          US Bank is the main game in town, I really don't know of any others.

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