Has Anyone Heard of 722Redemption.com?

[DisneyGirl]

We did a redemption loan on our minivan back when we filed. We were very upside down on it and the redemption loan knocked about $10,000 off the van and reduced our monthly payment from $360 to $209! Plus under the redemption loan the van was paid off in two years vs the original loan which would have been 4 years. Yes the interst was high (24%) but in our case it lowered the payment so much that it was worth it. Plus the van only had about 40,000 miles on it and was in great shape.

[slg1234]

Good to hear others have had luck with the redemption loan. Gives me hope mine will all work out for the best. Just makes me nervous to stop paying my current creditor for a vehicle that I really want to keep waiting for the redemption loan to be set up.

[rrockinggramma]

well our finance company was a credit union and of course they weren't happy about it but the difference is totally discharged in your BK and they can't do a thing about it. I think we owed like 14,000 on the F150 and only had to finance about 8,000.00 It was a huge help for us because even with the BK we had a really tight budget since we hadn't been paying on anything unsecured anyway in a long long time. So the 50.00 it saved us in payments really helped us out. And our lawyer was so pissed at the credit union anyway that his comment to us was "we are going to get those f----------" LOLOL and he did!

[slg1234]

Ok...I just checked Pacer tonight and because I have not made my payments Citizens Auto Finance has filed a Relief from Stay and Abandonment. In the document the listed the NADA value of my car at $12,300 and I owe little over $15,000. When I called 722 for the redemption loan the figure they used for the value of my car was about $8500 which makes me think that Citizens will dispute the value that 722 gave it. Am I screwed now?

[CityGirl]

Yes you can SF!!!

Look at their website!!

https://secure.722redemption.com/debtor_wrp_ch13.aspx

If you file a Ch 13, you cannot do a 722 Redemption Loan.

722 refers to the Section of the Code that allows for the Debtor/Filer to Redeem Secured Assets in Ch 7 BK. It's not applicable in a Ch 13 BK.

[Keebler]

Do you suppose they'll take the present condition of the vehicle I'm trying to redeem in to account and lower the value accordingly?

I have a $9,500 (retail) Suburban ($6,000 wholesale) that I owe a bit less than $6,000 on. The engine had a connecting rod bearing failure and I bought a whole new replacement engine -- I haven't installed it yet.

Can I redeem a broken vehicle? I can't imagine how the bank will want it back!

My current payment is $270 a month and there's a couple of years remaining. If I could redeem it for $3,500 the payment will come in just under what I owe now and I'll still get a lot of good use out of it. It's a better vehicle for my family than anything else I can buy for a similar price. (And, this is Texas after all.)

Do creditors ever abandon a vehicle when the value is too low?

[Lindsay]

I'm curious if you have to have an upside down vehicle to use a redemption loan. We have a 2004 Nissan truck that we have a few thousand in equity in. The monthly payments are high, $600 a month. The original loan was $36,000 and the current balance is $14,000. I'm wondering if there are any places that will lower the monthly payment on it based on the lower amount now owed. It is financed directly with Nissan. Has anyone ever successfully negotiated a reaffirmation agreement directly with Nissan and lowered the payments?

[rrockinggramma]

If you are not discharged yet, then you can call them and find out. 722 Redemption is funded by US Bank. If you are discharged however, I don' t think they can work with you.

And in answer to your question about the 8500 and 12,000 posted on the pacer system, the 12000 is probably the principal owed without the fees and interest tacked on. The FMV is decided by the trustee and the court. If your Edmunds and Kelly are pretty close to that 8500 figure, then that is probably what it will be.

Keep us posted on how it turns out.

[Chptsevenchains]

Approved By 722Redemption.com Today...

So far, so good!

I was approved by 722Redemption.com today and put in contact with a dealership that gave me a list of pretty clean looking cars.

I chose the one that suited my needs best (lower mileage than my current 2006 vehicle) and it was still available! They sent the vehicle info to US Bank and I should here something by tomorrow.

This is a relief I completed my conversion yesterday and my Attorney sent off my paperwork to surrender my current vehicle. At the very least I know that I will have a car before they collect this one.

If all goes well, this smooth transition from one car to another will help me sleep a little better at night.

I know that alot of people spoke about the high APR attributed with these types of loans, but when you consider; The Amount Financed, The Term of Financing (plus the financial, creditworthiness condition), having an opportunity to re-build your credit with lower payments on a good car is a win-win when you were once against a rock and a hard place.

I have to think positively about this. Its time for me to start putting forth the effort to heal my financial bearings; wake-up calls like this will definitely do it...

[SinkingFast]

Yes you can SF!!!

Look at their website!!

https://secure.722redemption.com/debtor_wrp_ch13.aspx

Just because the Lender does loans to people in Ch 13 does not make those loans 722 Redemption Loans.

http://doney.net/bkcode/11usc0722.htm

[Chptsevenchains]

Got the Car, Now I Have to Move...

Hello All,

I got the car about a week ago and it is a good running "clean" vehicle, so I'm happy.

Thanks to all who provided my advice, feedback and information on this process

What I am in the process of doing now is looking for a new place. I currently lease an apartment and they don't want to renew my contract because of the Bankruptcy and other issues coming from the bankruptcy. (I was late with the rent twice)

My attorney said that it would probably be best if I not respond to the motion (I have until 9/7) this way; the motion will be granted and they will start eviction proceedings against me. I found another residence that is larger, with more amenities and at the same rate as my current place, but I don't get my keys until 10/6. My attorney suggested that I move out now, but I don't have a place to go to in the interim.

My one question is; why are they trying to have the stay lifted so that they can evict me?

My lease is up September 30th. I have already made arrangements to move into my new place at the beginning of October, to respect my current lease; but it seems as if they want me out NOW!!!

Has anyone ever experienced this type of treatment from a property before?

[jwillia2000]

Hey how are ya!
what kind of car did you get? And where did you pick it up or did they deliver it to ya? I am way upside down on mine and need better gas milage. Did they just give you a list to choose from sight unseen?

[Chptsevenchains]

Hey how are ya!
what kind of car did you get? And where did you pick it up or did they deliver it to ya? I am way upside down on mine and need better gas milage. Did they just give you a list to choose from sight unseen?

My replacement car is a 2006 Kia Spectra. They brought it to me from Cincinatti, OH (only about 200 miles out) The actual mileage on it was lower than my previous car (still waiting on Capital One to pick it up) it was what you would consider a "true to age" vehicle. No dings, no dongs, I am not ashamed to drive it and I am proud to call myself its new-mommy!

I like it because it's smaller than the car I had before (Fusion) and it's not such a gas guzzler. Anyone looking for an opportunity to start over with new financing while in Bankruptcy (especially if they have to surrender their pre-bankruptcy car) I sincerely believe that this is the best solution.

I don't plan on applying for traditional credit after I am discharged. In about 3 years, I will look into a line of credit with my Bank, but that should be the jist of if. This auto loan will assist with rebuilding my credit wisely, and I plan on NOT taking this for granted.

SO check out www.722redemption.com if this situations sounds even remotely like yours...