Has anyone heard of 722 redemption? via US Bank

[weRN2deep]

We got something in the mail saying "keep your car and pay only what it's worth" not what you owe. I looked on their website 722redemption and it shows it is financed by US bank.

Anyone heard of this? We are reaffirming one fairly new car but perplexed what to do with our truck as we're upside down by $5K. We would love to keep the truck if there was such a thing as paying what it is worth - which would be much more manageable.

[Meatstick]

I think most people that check into redemption find out that when US Bank re-writes your loan to current market value that the interest rates and terms come close to wiping out any savings. Being upside down $5k I would just walk away and start fresh.

How long do you have left to pay ?

[LSUTiger32]

I think most people that check into redemption find out that when US Bank re-writes your loan to current market value that the interest rates and terms come close to wiping out any savings. Being upside down $5k I would just walk away and start fresh.

How long do you have left to pay ?

Yeah they will reduce the balance some and then charge you 30% interest. No thanks.

[weRN2deep]

How long do you have left to pay ?

We got suckered into a long loan - 7 years at 7%. We still have almost 5 years left. I had always thought we'd refinance it (before all the bad happened).

We had a small balance on a USBank card that went into the bk. I'm sure they'd not approve us for the redemption anyway.

[justbroke]

Never refinance for more years than you current have due on your current loan. If your current loan only has 36 months left... never refinance for 72 months. That's a killer!