Has anyone gotten a car through 722 redemption?

[sunshine mary]

I didn't get any response in the general BK forum so I thought I would try here


It doesn't look like Chrysler wants to make a deal for my van so I am considering my options here.

I can get another car through 722 redemption or just share a car with my DH until I can get another one financed or possibly just pay cash for a cheaper one down the road. I didn't really even want to keep the van but would have if I could have gotten it for MY appraisers value but since THEIR appraiser was 2600$ more, forget it !


Just wondering if anyone actually got one through 722 ??? Was it a good deal since I can't find any place to give wholesale prices how would you know ??

Also does this all have to be finalized before discharge? We have a month to go and I'm already approved so I am assuming that's not a problem, just wondering ??

Thank you !!

[AngelinaCatHub]

Sunshine' you have taught me something. 722. As I read it, you can force the issue by Court Order. Google [bankruptcy 722] the first hit will tell all.

To get an accurate quote on the value, kbb.com Kelly Blue Book is the gold book for most appraisers. It also depends upon the condition, mileage, and appearance. Don't clean it up before appraisal. On Kelly Blue Book, I would use the sale to an individual quote.

Hope this helps. 'Hub

[sunshine mary]

WOW nobody huh ??

I'm still waiting to see what kind of cars they have to offer.

[my4devils]

We were approved through them and we followed through to see what they had to offer. We were looking for a replacment van and from the picutures what they had looked to be some very nice late model, low mileage cars. However, they wanted me to choose a payment which ranged from 375-450/month. They said they would talk price/interest rate after I chose which one I wanted.

After a little more research- we were able to do better on our own. We got a 2006 Dodge Caravan with 20k for 10,500 at 13.9%. Our payments came in under 300 a month and we did this all with an open Chapter 7. We let our old van go back in the BK.

Hope this helps some!

[sunshine mary]

Thank you so much for the input..I truly appreciate it

I am surrendering a 470.00 a month van payment and no way I want another high payment but I do need something reliable.

So did you find financing and then go to a car dealer or just go to the dealership?

[dragonnfly]

We did the same, but 722 didnt have anything in our area and their prices werent that good. We did that same as my4devils and got a 2007 Chrysler Sebring for 274 a month with a open BK Thats 1/2 the payment of our old car and it was a local dealer, so with the usual warrenty they offer there wont be any headaches getting it to them if something happens. Dragonnfly

[Summerbreeze]

Can you get a car right before bankruptcy? Wouldn't you need to put money down if you don't have a trade in? I think keeping my SUV might be a mistake since the market is so bad, I think my car won't be worth nothing soon. I would love to go get another car and just turn it in.

[sunshine mary]

Well I am finally looking at the cars I absolutely hate buying a car and this way is certainly no better than any other. Your supposed to be buying these for the wholesale value but it doesn't feel like it I don't like any in the price I want but of course I am "approved" for a much larger payment **rolls eyes** Oh and he keeps saying that after BK your credit is ruined for 7-10 years..like if I don't find one I won't be able to get one, sheesh give me a break !

Summerbreeze I'm sorry I don't know if you can do that or not??? Hopefully someone else will step in and answer that for you.

[megiepoo]

I was also approved through 722 redemption. I found a really nice Dodge Caliber that I want & it is at the NADA trade in value. So I called them up & asked them how it works, if I get to choose the dealership, or do they choose. The lady stated that once I file (which is in less than a month WOO HOO) I call then & they locate a dealer in their dealer network. So looks like I wont be getting a dodge caliber after all. I just hope they have some nice cars. I was really looking for a hatchback...oh well. I'll let you know how it goes. Honestly I'm not expecting something fancy, just a car payment under $300 & hopefully a hatchback!

[spearmint]

We were approved through them and we followed through to see what they had to offer. We were looking for a replacment van and from the picutures what they had looked to be some very nice late model, low mileage cars. However, they wanted me to choose a payment which ranged from 375-450/month. They said they would talk price/interest rate after I chose which one I wanted.

After a little more research- we were able to do better on our own. We got a 2006 Dodge Caravan with 20k for 10,500 at 13.9%. Our payments came in under 300 a month and we did this all with an open Chapter 7. We let our old van go back in the BK.

Hope this helps some!

Did you get the financing at a car dealership?

[MSH]

I applied, and was approved.... I ended up opting out of this.
... the cars. There selection was not very good. They tell you what you can have, i was not paying those high prices fro crap cars either. The interest was crazy...
I have heard you can actually find some good deals out there now

[gizmocruz]

722 Redemption declined us; the lady on the phone did not say why, but I have a feeling it was that the car loan was only 18 months old,or it could be because my husband had a (albeit illegal) repo about 6 years ago.

We may be able to finance elsewhere (we prequalified for 25k), but sure I am not going to like the interest rate.

Nothing from Ford Credit; I can't even pay them because they have me blocked from the website.

[indigoblue]

We got a car from 722 redemtion funding. A 2006 ford fusion. I'm very happy with my car. We approached them initially about keeping our 2002 Ford f-150, but unfortunately we had already discharged and they work to keep you in your current vehicle. They contacted me and said we were approved and my car was delivered to me in Oklahoma.

[majicman50]

we were approved through them and we followed through to see what they had to offer. We were looking for a replacment van and from the picutures what they had looked to be some very nice late model, low mileage cars. However, they wanted me to choose a payment which ranged from 375-450/month. They said they would talk price/interest rate after i chose which one i wanted.

After a little more research- we were able to do better on our own. We got a 2006 dodge caravan with 20k for 10,500 at 13.9%. Our payments came in under 300 a month and we did this all with an open chapter 7. We let our old van go back in the bk.

Hope this helps some!

1

[purplenova]

722 Redemption

just called the phone number given to me by my attorney.
1 (888) 278-6121 and found that they are somehow connected directly to jake sweeney dealership in Cincinnati Ohio.

When I called the number they said they would refer me to a dealer in cincinnati, since I lived in Dayton Ohio. I asked if it was Jake Sweeney and they confimed it.

Also - go to http://www.722redemption.com/debtor.aspx and look at the address in the left hand column and google that address and it comes up jake sweeney.

Here it is to google maps for you.
http://maps.google.com/maps?f=q&sour...45216&t=h&z=16

Not sure if I want to use the 722 program. Seems as if they pick the vehicle for you from their pre-selected offering of cars/trucks.

Could be wrong, but this is my impression of what I was able to find.

Other thoughts / opinions