Please Advise Me Concerning Redemtions

[busybees5]

We have two vehicles and we filed chapter 7 without being current on either. Ford Credit says they do not do reaffirmations in North Carolina but I do have something worked out with them since that payment is the lesser of the two. For my other vehicle the account was turned over to someone else who sent us a form asking what we wanted to do. I checked the reaffirmation box and there was a note saying that if the account is in good standing an agrrement would be sent. Well, no agreemnt has been sent so I guess they are not going to reaffirm with us.

So, I've heard of redemption. Can someone tell something about it and how it comes about? I have also heard that the interest is a little high -- well, we are already paying a high rate. Is there something we can do to make this redemption option come availible to us?

Thanks for all the help and info I've received from everyone so far. And I look forward to your advice on this issue

[StaciMM]

What do you owe on the vehicle, and what is it worth approximately?

If you owe more than its worth, you can redeem it by paying the lender what it is worth. The logic is they would get that, or less, if you surrendered it. There are a couple of companies that do redemption loans-722redemption.com is one of them. If you have good job stability & no bad priors with US Bank that may be an option. You would need to complete the process before discharge.

[busybees5]

What do you mean by no bad priors?

[StaciMM]

722redemption.com uses US Bank for financing. If you have had an account with US Bank and defaulted on it, they won't approve you.