Regarding keeping my car in Chapter 7, Can anyone tell me anything about this type of finance ? CU is going to let me use redemption, if I want. Are there any companies in Michigan which provided a good experience with this type of loan? Interests rates, etc.
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Hi!
We decided against doing the 722 redemption on our SUV, just going to do ride through.
our SUV payoff amount is $10,900 value is at $8,990. we only have 29 months on it. our payments now are $389/mon if we did 722 redemp for 24 month term with new higher interset rate our new payment would be higher at $488/ mon (about $1000 more in interset) so it made since for us to do a ride through. -
Thank You Badkarma for your response to 722 Redemption
Your input is helpful, I can use it to make a logical comparison to my own situation. I owe almost or maybe a little less than what car is worth - I let my credit union finance the car, problem is the credit union has cross collateralized a fairly high interest unsecured loan which I owe more on than what I owe on the car. Its like having a car which I owe double than its actual value. I am trying to analyze whether the 722 would be the worst of the two evils. I am looking into all angles. Redemption is up to the debtor, I believe. Where as reaffirmation is up to the creditor to offer. Just trying to think it out. Better to have a big picture. Thank you for your response.Comment
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