722 redemption

[jwillia2000]

Hi ya,ll
I am hopefully filing next week! I applied on line to get a 722 redemption loan for my car. I am already approved for that but was wondering has anyone else done this. I'm so upside down on my car its not even funny. owe 11,000 and worth 5500. But i have'nt had the car but 2 years. Major high milage. now my lawyer is going to have to negociate w/ the creditor to bring down the price they will accpt. Anyone had to do this?

[JRScott]

I think you have to have a vehicle for 980 days in order to cram down its costs. However if they offer better terms and sometimes they do you can accept it.

Owing more than twice its value though you might be better off letting the vehicle go in the bankruptcy and getting a different car entirely that is if you could save up a few hundred to a thousand dollars for a different car.

Hopefully your lawyer can work something out, if you have retained the lawyer or paid him already then you should let him contact creditors and not you

[songbird81]

I thought that cramming down the vehicle after 910 days was entirely different from a 722 redemption. I think you can do the 722 redemption regardless of how long you've owned the vehicle, but I could be wrong.

[tiredofdebt1]

which company did you go through jwillia? i thought you were supposed to wait until after 341 to do a 722...so how were you already approved...who did you go through? and what did they offer you if you dont mind me asking? I am trying to do the same thing.

[tiredofdebt1]

are u going to do a replacement?

[jwillia2000]

I applied at 722redemption.com and got a call back the next day. I was checking into my options before I filed because I have to have a car. My work is 45 miles away from home. The guy approved me for redemption loan and faxed my lawyer the contract so he can try to get the finance company to accept a lower payoff. If that doesn't happen I can apply for a replacement. If you have anymore ? just ask

[sickandtired8]

DOn't do 722 Redemption!!!

There is NO way I would do a 722 redemption....especially being that upside down with that many miles!!! THey charge at least 20% plus interest and even with BK on your record, you can get a better rate than that. We ended up buying a 2005 trailblazer with 8000 miles on it for 12% interest. Good luck! S&T

Hi ya,ll
I am hopefully filing next week! I applied on line to get a 722 redemption loan for my car. I am already approved for that but was wondering has anyone else done this. I'm so upside down on my car its not even funny. owe 11,000 and worth 5500. But i have'nt had the car but 2 years. Major high milage. now my lawyer is going to have to negociate w/ the creditor to bring down the price they will accpt. Anyone had to do this?

[jwillia2000]

Hey s&t,
when did you purchase the car, was it after discharge? Did you give up a vehicle in the bk? If you gave one up how long did you keep your car after the 321? Like I said i just need to know what my options are, I haven't filed yet or signed anything.

[tiredofdebt1]

im currently paying 24% interest rate.....i would like to know what my options are as well..because i do have a 4 month old son. i just need to figure out something quick....because my car payment was due on the 15th...and i haven't paid yet.....