722 Redemption

[kvangild]

Hey everyone I really enjoy reading the BK Forum. Now I'm not sure if this is the right area of this but I recently filed for bankruptcy in early April and my 341 meeting is coming up on the 18th of May. I received this mailer for 722 Redemption and it looks endorsed or funded by US Bank in regards to my vehicle. Can anyone tell me more about it? Reviews? Cautions? Any help on this matter would be appreciated. Thanks in advance...........

[hamburgervol]

I approached 722 inquiring about doing a replacement/redemption. I was turned down. The lady I spoke with was very rude and short during the whole process. When I initially spoke with her she stated that she would would call me back "in a few minutes" with results from my application. I was home on lunch break. I had to leave to go back to work. An hour or so later I called her back and stated that I had probably missed her call since I had left to go back to work. She rudely stated that she had not called me!!!! A few minutes later she called back to say that 722 wouldn't be able to help me.

I think I was turned down because some bi@@#ch was having a bad day.

I'm always polite. I told her thank you and hope she had a wonderful day.

[Moms4Boys]

I was turned down also, but as far as I remember, I dont recall having any issues with talking to them. The explained the process and we went on.

If you car is newer than 2002 (I think) and the miles are less than 105k (I think) then the car can qualify for the redemption plan. There they get in contact with the current car loan company and tell them they are going to pay them such amount of dollars and as far as I hear the car company has to take it. The amount has to be at least book value though (not trade in value).

If you car falls out of their criteria, they run a report and will tell you how much you are approved for to get a new/used car. Again it needs to be within the year/dollars/mileage scenario.

I was denied because my loving EX hubby had a car repo'd within the last 12 months and it had my name on the loan. So if you have a repo within 12 months that is an automatic no.

They also look to see how you paid you current car loan, ex. late every month? etc.....

There is another company out there (I forget the name) you can search "car redemption" in Google or Yahoo and you can find it. If one turns you down, the other may approve you.

Hope that helps!

[hamburgervol]

Moms4Boys, did you receive a rejection letter from them? I have yet to receive one.

I was under the impression that lenders were required by law to follow up with a rejection letter when a loan is denied.... anyone know?

[Moms4Boys]

Moms4Boys, did you receive a rejection letter from them? I have yet to receive one.

I was under the impression that lenders were required by law to follow up with a rejection letter when a loan is denied.... anyone know?

The letter was from US Bank, I believe. I applied at both companies that I mentioned earlier. US Bank came from one of them and I know they other took a long while before I got the rejection letter, couple weeks maybe.

You are correct, the must send you a letter for the reason of rejection.

[downsized]

They couldn't help us, either. They guy was very nice and gave us our answer before we hung up the phone. He said the best he could do was $100 more than we're paying right now.

[BK Overwhelmed]

Success with 722

Hello,

My husband and I were able to both get a car through the 722 program. You just have to call and talk to a loan officer to get "approved". They approve you for a PAYMENT you can afford and then send you over to their preferred dealership to find you the car.

We actually wanted car payments LESS than they approved us for. You can go to ANY dealership and find a car that meets 722 criteria and US Bank will fund it. You just put the dealership in touch with 722 and they take care of the rest. If worked great for us. Interest rate...25%...ahhhhh! But at least an affordable payment.

Good Luck