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    722 Redemption Loan

    Newbie here. Can I get a redemption loan on a 2017 car with 47000 miles?

    #2
    I don't think it matters. I believe that the only thing that matters is that it is currently financed and that your new payment would be lower than the existing payment. The vehicle certainly passes any age test (most lenders require that the vehicle is less than 7 years old). You likely pass the mileage test as well (most lenders require that the mileage is less than about 75,000-100,000 miles).

    The key, though, is qualifying for a 722 redemption loan. Not everyone qualifies. Your payment experience with your vehicle lenders prior to filing will likely be an important factor.

    722 Redemption Function (A Sun Trust Company) https://www.722redemption.com/. (Note: 722 Redemption Company is a Sun Trust company. There may be other "722 redemption' funding lenders.)
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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      #3
      Thank You!

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        #4
        I tried those folks at 722redemption.com, but they never got back with me. I have 2017 Jeep Cher and a 2016 Dodge Charger that I am about 11K upside down on for each. I told them I would be happy with one or both loans being redone, but never heard back. Is there something specific they look for before they will help you? What type of interest rates are we talking here?
        Thanks,
        Rave

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          #5
          You should call them directly and keep up on it. I was able to secure funding for my vehicles, but only redeemed one of them.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


            #6
            I called them, but they told me when they are all said and done I would probably owe close to the same as what I am paying now. Basically the guy stated I am not upside down enough even though it is about 11K. Also he stated since I have a 2000 mileage increase due to low miles the creditor will fight that and say the care is worth more than the $23K Redemption thinks it is worth. Don't know what else to do.

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              #7
              Like I said in your other thread, if you can't obtain a redemption loan, then it's time to stop paying and let your lender have the car back. It's not like you won't be able to buy something else without a huge amount of negative equity later on.

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                #8
                Thanks bcohen. I am just a little worried that I won't be able to buy something with the BK on record. This is the first time this has happened to me so it is kind of scary to give up my ride. I will be giving up a 2016 Dodge Charger R/T which I will miss, but I need to get out from under the payment.

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                  #9
                  When I filed for Chapter 7 bankruptcy, my mailbox began to fill with offers for credit from a variety of used and new car dealerships. At first, these were mostly high-interest offers from sleazy "buy here, pay here" dealers, but I got the occasional offer from a legitimate dealer such as Ford, Chevrolet, Toyota, etc. By the time my case was discharged, I was getting tons of offers in the mail from legitimate dealers, with reasonable interest rates as well. By "reasonable" I mean APR's in the 8% to 10% range.

                  Of course, I have never owned a financed vehicle, because it is way cheaper to buy a beater and fix it when needed. I prefer to buy old cars for very little money, and do the necessary repairs to keep them safe and road-worthy. However, if for some reason I was going to finance a new or late-model used car, I would try to arrange financing beforehand, and NEVER entertain any interest rate over 10% under any circumstances. People with excellent credit routinely receive APR's of half that amount or less, and 10% is the highest interest rate that allows for a reasonable repayment schedule. If the rate quote comes back higher, then it's time to say "no thanks" and leave. Often times if you do that, the dealer will magically find another lender willing to charge less.

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