How to redeem a car with 722 redemption option?

[PoorGrammyinBK7]

I guess my question should have been - has anyone had experience with "redeeming" your OWN car - i.e. using the redeem option, instead of surrender or reaffirm.

If so, how was fair market value determined in your case?

If the loan is more than 910 days old - and you are in Chapter 7, is there still a "cram down"? I know that's for a Chapter 13 - but what about Ch 7?

What restrictions are there as to how to pay for it?

What is the deadline for doing this - just before discharge?

I am beginning to think its not much of an option really.

[sunshine mary]

I guess my question should have been - has anyone had experience with "redeeming" your OWN car - i.e. using the redeem option, instead of surrender or reaffirm.

If so, how was fair market value determined in your case?

If the loan is more than 910 days old - and you are in Chapter 7, is there still a "cram down"? I know that's for a Chapter 13 - but what about Ch 7?

What restrictions are there as to how to pay for it?

What is the deadline for doing this - just before discharge?

I am beginning to think its not much of an option really.

Well when I was going to redeem my car Chrysler the lein holder sent out an independent appraiser. I too had it appraised and their value was 3400.00 or so (I can't remember exactly ) more than mine so that is why I surrendered it . I hope others can answer your other questions

[PoorGrammyinBK7]

Thanks Mary

Thanks for answering. Since you are in Florida and I am too - does it matter if the value of the car being redeemed is more than $2000 (assuming husband and wife's exemption) - or, since we are now after the filing date, does that (exemption limit) still matter?

[PoorGrammyinBK7]

Case example

I did find this example from the Tampa area:

http://pacer.flmb.uscourts.gov/pdf-new/43910422.pdf

Looks like the judge said the wholesale value was to be used (but which wholesale value???). I wonder...

Edmunds, NADA, or KBB?