declined by 722redemption!

[struggling]

OMG I don't know what I'm gonna do. Per my attorney's advice I haven't paid on my current auto loan and I am currently 2 months past due. I just filed BK on 10/4. I plan on surrendering my car and was hoping I could get approved for a redemption loan because I have no other means of transportation! Even if I caught up on my payments it's not worth it to keep this car as I'm really upside down on it (not to mention I don't have the $$). I feel like crying. They told me the reason I was declined was due to "bad credit". What the...?? Well, isn't that obvious?? I AM filing BK after all. I don't get it...from what I've read on here it seems as though they approve everyone, so long as you're in an active BK.

I know that my car lender will lift the automatic stay before discharge. Are there ANY lenders out there that will finance me before discharge? I'm so scared right now. If I don't have a car I'll lose my job.

Please help!!

[SinkingFast]

Did you apply with 722Redemption?? Is that who turned you down?? They are backed by US Bank.

There are other 722 Redemption Lenders out there. You'll probably be getting letters in the mail very soon from several. We sure did. And we weren't surrendering a vehicle.

One we got 2-3 letters from while our BK was open and active had Mario Andretti's name attached to it.

[struggling]

Thank you for responding SinkingFast.

Yes, it was 722Redemption. I didn't realize there were other redemption loan companies out there. I also received a letter from the Andretti dealership, but I didn't know it was a redemption loan offer. They're out of state...do you think I should see if they approve me? I don't care who/what/where...I just need a car! My attorney doesn't know much about redemption lenders, so I'm on my own on this.

[SinkingFast]

If I remember correctly, Andretti's does have an 800 number on their letters. If that's the case, can't hurt to give them a call and see what they can do for you. It's their nickel on that phone call.

And don't worry about your Credit Reports. Several inquiries from auto loan lenders within a short period of time will be viewed as one event on down the road. Lots of people shop around for auto loans and mortgages. It's not uncommon.

[gotguts]

I know it is a little off topic, but have you considered an owner carried car loan. I would check your Sunday paper for cars for sale by owners. Many of these people are a little upside downin their loan and might be willing to let you just take over their current payments. It still might be cheaper than a high interest loan.
If you go that route, check with an attorney or local tag agency on how to work the title.
Good Luck
Daniel

[tiredofdebt1]

struggling.....i applied for a 722 redemption loan......and was approved....i just wanted to make sure i would get approved before i filed.....my credit is SHOT.....do you have anything from US BANK on your credit report? that may be the reason.....i cant see any other......also check out FreshStart.com