How long to Redeem Auto

[NoMoreRed]

A question about the value: May I ask what District Court you filed and what they (or you) used (KBB/NADA/Carmax) to get the $4K-value that was used to redeem?

Thanks!

We filed in Arizona. They used NADA if I remember correctly. They listed a low mid and high value on the paperwork filed at the court. When I called 722 redemption I gave them the VIN number and mileage and they looked up the value right on the spot.

[IBroke]

We filed in Arizona. They used NADA if I remember correctly. They listed a low mid and high value on the paperwork filed at the court. When I called 722 redemption I gave them the VIN number and mileage and they looked up the value right on the spot.

Thanks!

[ursula]

I am so glad I happened upon this site.....I have learned SOOOO much here!

[LuciluS]

My husband's truck loan is with U.S. Bank and is upside down about $11,000. They wouldn't even talk to me as they said we were a customer and the 722 redemption was only for new customers.

That's the pits.

Luci

[pigpen75]

My husband's truck loan is with U.S. Bank and is upside down about $11,000. They wouldn't even talk to me as they said we were a customer and the 722 redemption was only for new customers.

That's the pits.

Luci

I would quit making payments and let them come and get it!

[dogbone33]

My husband's truck loan is with U.S. Bank and is upside down about $11,000. They wouldn't even talk to me as they said we were a customer and the 722 redemption was only for new customers.

That's the pits.

Luci

We had 2 cc and our second mortgage through them.. They wouldn't help. We weren't behind on any either but since they were a creditor..... Nobody will finance us... We are afraid to wait until we are discharged. Luckily our bank is actually working with us. We owe 18k. The Jeep is worth 6-8k. Our attorney offered 6 they said 10. So she went back at 8k. I need a vehicle to tow for my business and would love to get a newer truck. But like I said we are afraid we won't have anything if we don't keep our Jeep.

[phigment]

We worked through them and were approved.

What kind of rates and terms can someone expect?

[NoMoreRed]

What kind of rates and terms can someone expect?

They unfortunately are high (20-24%), so in my opinion it is not the way to go if you cannot pay it off early or if the amount that it drops causes you to pay more than you would have on the original loan. In our case we owed a little over $14,000 and we're able to redeem it for $3879 plus interest. Now if we were to pay the minimum payment for the entire life of the loan we are paying approximately $2600 in interest plus the $3879 for a total of just under $6500. We essentially get the vehicle for close to $10,000 less than what we would have paid if we would have stuck with the original loan. Our payments actually changed to less than 1/2 of what they were on the original loan as well.

You really have to look at the entire offer and not just the rate. In our case it ends up being a great opportunity to keep a very nice vehicle and switch it to a new lender that will report on our new loan to show that we are establishing a good credit history to rebuild our credit. Also, we wanted to be able to get the loan away from our credit union who we also have a CC with. This way we are completely free from cross-collateralization.

[deadmonetree]

hey nomorered could you did you use an attourney ore prose? could you message me who you used and if you liked them?

[NoMoreRed]

hey nomorered could you did you use an attourney ore prose? could you message me who you used and if you liked them?

Attorney...sending you a PM.

[ursula]

Well, I had to meet with my attorney today, so I brought up this topic and she said it would be nice if they could actually get a judge to approve it, but they have tried a bunch of times and have been denied every time. She said she sees it happen in other jurisdictions, just not in ours.

[IBroke]

Well, I had to meet with my attorney today, so I brought up this topic and she said it would be nice if they could actually get a judge to approve it, but they have tried a bunch of times and have been denied every time. She said she sees it happen in other jurisdictions, just not in ours.

Are you sure the attorney was referring to a REDEMPTION?
So far, I've heard of several denied reaffirmations because the judge thought of hardship for the debtor - but why should judges constantly deny REDEMPTIONS in a particular jurisdiction?

A redemption is the most favorable solution for a debtor.

[NoMoreRed]

Well, I had to meet with my attorney today, so I brought up this topic and she said it would be nice if they could actually get a judge to approve it, but they have tried a bunch of times and have been denied every time. She said she sees it happen in other jurisdictions, just not in ours.

It shouldn't cost anything to get approved by 722 redemption and file it in the court, so it may be worth trying anyway.