Redemption and actual vehicle value

[Rona123]

Hi all.

I know questions about redemption and reaffirmation have been flying around fast and furious, but I've not seen anything pertaining to my situation, which is this:

I'm already about $3,000 upside-upside down on my vehicle, but my car also needs at least $2,000 in repairs, meaning its true value will be significantly less than whatever their value guides will quote. Is anyone aware of a way to produce repair estimates to get the redemption loan value pushed even lower to reflect what my vehicle is actually worth?

So, while I understand that you can redeem your vehicle for its value instead of the amount you owe, but can that redemption value be further reduced by mechanical problems?

Thanks!
Ron

[StaciMM]

Setting the redemption amount is a matter of haggling between your attorney & the creditor. One thing though-have you asked about a replacement vehicle? Having to put $2000 in repairs into a vehicle would be rough right after a bankrutpcy.

[AMISLANDER]

Go to the dealership!

Hi all.

I know questions about redemption and reaffirmation have been flying around fast and furious, but I've not seen anything pertaining to my situation, which is this:

I'm already about $3,000 upside-upside down on my vehicle, but my car also needs at least $2,000 in repairs, meaning its true value will be significantly less than whatever their value guides will quote. Is anyone aware of a way to produce repair estimates to get the redemption loan value pushed even lower to reflect what my vehicle is actually worth?

So, while I understand that you can redeem your vehicle for its value instead of the amount you owe, but can that redemption value be further reduced by mechanical problems?



Thanks!
Ron

The dealership is always the most expensive for repairs! i.e., if it's a Toyota, go to the Toyota dealer in your town, get an estimate on what repairs are necessary.

[SinkingFast]

The dealership is always the most expensive for repairs! i.e., if it's a Toyota, go to the Toyota dealer in your town, get an estimate on what repairs are necessary.

Maybe for mechanicals, but not always true for cosmetics.

We need some body work done on a car. Involves rust in the undercarriage.

The "dealership" gave us an estimate for a temporary type repair. We would have to sign a disclosure stating we knew it was not a complete fix and may not hold.

A local body shop gave us an estimate for a complete repair. The body shop estimate was more than double the cost of the "dealership's" temporary fix.

Check around several places in getting your estimates. Know what you're getting for the money paid. The estimates need to be apples to apples for a true comparison.

[Rona123]

Thanks all for the tips, that's good to know. If it weren't for the new law, I guess I could just walk away from this car and be done with it. But, I understand that now, I HAVE to formally redeem or reaffirm my car prior to discharge.

As I have an old 'beater' that I can drive instead of this car, I don't need to get another, less-expensive car. As such, I'm just trying to find the least expensive way to follow the rules until I can sell this car post-discharge, so redeeming it might be the best option, because then I can sell it as-is and hopefully not end up upside down again.

Thanks!