Experience with 722?

[BK Overwhelmed]

Hi!

Just wondering who has had a positive outcome using 722 redemption funding??? We would want 2 "replacment" loans/vehicles in order to get out of our upside down cars and HIGH payments. We really want to simplify while we can.

My other question is...they say you can refi in a year when your credit is better, but has anyone REALLY been able to refi into a better rate?

[b_girl]

We're wrapping up a purchase using 722Redemption (US Bank). Overall, we're pleased. Initially we were a tad reluctant and unsure about using them, especially when we tried to purchase a vehicle from the place they referred us to, Sweeney Smart Mart. Luckily, when I called to complain about them, our loan officer with 722 said we could purchase closer to home as long as the dealer is willing to work with them. Some of the restrictions are challenging to meet (i.e., to qualify for a 60 mth loan the vehicle has to have 36,000 miles or less). It didn't help that they initially didn't inform us of these restrictions--we chose a vehicle that had 500 miles over the 44,000 limit and were told we couldn't get it--that was a nasty surprise. But it really worked out in the end...we were able to locate and purchase a 2005 Ford Escape which has less miles than the vehicle we gave up and which also has a lower monthly payment. When looking over the contract, I profess I am a little confused as to the interest they are charging...the letter from 722 says their rate is 24% but the contract has both 24% and 25.3%. While we hate to pay that much, we were assured by our loan officer that if we pay on time for 12 months it would go down to between 12-18%...the exact amount would be based on how well we've rehabed our credit in the meantime.

So we are pleased overall. I especially like the way she talked the dealer into chopping $3000 off the price of the vehicle...I could NEVER have done that myself. After the sales manager agreed to the price, the saleslady told me we 'stole' the vehicle (course I know they probably made a cool $1000 on it at the least) then asked me if she could use the program herself..seems she's filed BK too. Our loan officer was also the one who informed us that the vehicle had been damaged in a minor accident earlier this year...something that the dealer neglected to mention. Be sure if you do this to check the carfax on the vehicle...they almost didn't let us buy this vehicle because of that accident, but they finally decided it was minor enough to allow. Had us worried for a few hours, but it worked out, and I really like that they informed us of this when our saleslady didn't.

If you use them, good luck and let us know! I would also like to know if anyone's rate did go down after a year. If it doesn't, I'm already planning to complain to our state's attorney general.

[BK Overwhelmed]

Thank you B Girl!

[csrhjr31]

My husband just purchased a car through 722 Redemption. His interest rate is 23% (Gulp) They said if he has no late payments for a year, he can refi to at least an 18% or lower.

[freshcredit]

I just finished the paperwork and the process for one of my vehicles. It was a pretty easy process. You have to get the paperwork back to them quickly. Any delay could result in a repo of the vehicle. Their rates are high, but it all depends on your situation. In our situation we got out of a "upsidedown" loan.

[b_girl]

You're welcome, Bk. I hope it helped.

Oh, another piece of info that wasn't given to us initially....722 requires proof that your mortgage is current. When I tried to get that from our bank, they started playing games with us and 722....so far, no proof has been received from them, despite 2 phone calls, a long visit by my husband, and 2 promises that they would comply. They're just pissed because we didn't re-affirm the vehicle we had through them...wait til they find out we're giving the house back. I was finally able to prove it myself by downloading pages off the internet showing this month's payment. So just be aware that if the car you're giving up is through your mortgage lender, they may give you a bit of heck about it. I never thought the bank would act so unprofessionally, but they sure fooled me. Good thing we had already shifted our money out of their bank, or we really would be up a creek!