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Bought from 722 Redemption (US Bank) Before 341 Hearing

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  • Bought from 722 Redemption (US Bank) Before 341 Hearing

    I filed for Chap. 7 BK in IL in December 2010 and surrendered my car in the BK, as the monthly payment had become unmanageable after the loss of secondary income from a long-term relationship breakup. After almost 10 years living together, I really thought he was the one & we'd grow old together...oh well. His leaving turned my life upside down to say the least!

    Anyway, before my 341 hearing, I tried, but my auto lender would not reduce the amount I owed them for a 722 Redemption, and they quickly filed a motion to remove automatic stay so they could repo. the car before the BK was even discharged. So I was faced with the dilemma of how to quickly procure a much-needed replacement vehicle before my current lender came after me for my car.

    My lawyer advised that I contact 722 Redemption (US Bank) and see if they could help me. He also assured me that in IL, purchasing a car before my 341 hearing would not pose any problems in my discharge going through. So, I was able to get a 2009 PT Cruiser (Touring Edition) with 31k miles for $10,000 and even with the scary 24% interest rate, the new loan is saving me $250 a month! It's a simple interest 5 year loan which I plan to refinance as soon as I can which shouldn't be a problem since it's so new & has low mileage.

    The car was delivered to my home from OH and all I had to do was take the driver to the Greyhound station which sounds strange but was actually no problem, as the driver was very nice & personable. He even gave me the inside scoop on how my car handled during his 5 hour drive to my house from OH! I turned in my bk vehicle the next week no problem. The Cruiser looks new and runs great so far!

    So then about 3 weeks later, I went to my 341 hearing and when the Trustee saw the motion to remove stay for the car in my paperwork, she asked what I was going to do for another vehicle to get to work. I told her that I was referred to US Bank's 722 Redemption Program by my lawyer (who was sitting right there next to me) and my payment was even lower now. She raised her eyebrows at me and exclaimed "That's great! What a blessing!" then she looked at my lawyer and said "We need to get word of this program out to more people in BK!" She commended me on my smart move and went on to the next question. In the end she said she'd declare that I had no assets, and that was it! The whole hearing took all of 10 minutes!

    Despite my Lawyer's reassurances beforehand, I was so worried I'd still be run through the coals for this pre-341 purchase, but was soooo pleasantly surprised I wanted to encourage others who are surrendering their vehicles and still need a replacement vehicle while in bk, to look into this program.

    I'm still waiting on my discharge but per Pacer, everything is going according to plan; no negative flags so far! *fingers crossed*

    Good luck to you all!
    Last edited by Honeymizz; 03-27-2011, 01:23 AM.

  • #2
    Is anyone going through Chapter 7 able to use this program? We are past our 341 hearing and our car is now dying. I'm researching our options because I don't think it is going to last for us to save up to buy a car with cash.
    Filed 2/28/11 341 3/24/11 Discharge and Closed 5/24/11


    • #3
      I was told I could have purchased my car through them after my 341 hearing and I also recall that there was a small time window that they could even help after discharge (like just a few weeks), so you may be ok with them if your bk hasn't been discharged yet. I think the idea is you have a better chance of being approved if they capture your credit scores/history pre-discharge, before the scores plummet. Just a hypothesis though.


      • #4
        Update: Got my discharge today! Everything went off without a hitch! WOO HOO


        • #5

          I am looking into this for myself. I have a Toyota with a steep lease payment and I am thinking that I'd rather surrender it as opposed to reaffirm. How did this process go for you? Were you able to pick & choose from an inventory or does US Bank limit what you can buy? I've heard reports of US Bank forcing one to buy overpriced cars through this program but the KBB lists your car at over $14K. Mayble I am doing something wrong but that looks like a decent deal.


          • #6
            Sounds awsome, and best of good luck to you!!!!


            • #7
              Guess that wouldn't work if US Bank was a creditor included in your bankruptcy......?


              • #8
                My BK discharged in April '09 and I went through the 722 Redemption process with US Bank and everything went well....or so I thought.

                It was filed with the court and I started paying US Bank for the new loan created through the 722 Redemption process. About 8 months after I had been paying on the new loan I get a letter from the former creditor (a credit union) saying that they are going to repo the vehicle because they are owed for the entire amount of the loan.

                Long story short...US Bank sent the CU a check for the redemption amount and the CU wouldn't cash it or release the title to US Bank. At my request, US Bank cancelled the check they sent to the CU and I told the CU to stuff it and come get the vehicle. US Bank cancelled the loan that I had, reported it as paid and refunded 8months worth of payments back to me. I then went out and bought a new car and the CU took a big loss on the loan as they were out the original loan ($14K) and could no longer cash the redemption check ($7K) and ended up auctioning the vehicle for less than $4K.

                Just be careful if the original loan is with a CU. They will not always cooperate with this process.
                Filed C7: 12/16/08; 341 Meeting: 1/22/09
                Last Day for Objections: 3/23/09 (No Objections)
                Discharged: 4/3/09
                Closed: 3/23/10


                • #9
                  I am right in the middle of my Chapter 7 and I just got approved for the 722 Redemption program through US Bank. They have selected a lot of cars for me to choose from. It seems like a good legit program. My only concern is the fact that I am hoping to get car offers in the mail from my local dealorships with a better selection and interest rate after my discharge. So I am not sure if I should go ahead and get a car now or wait?


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