Redemption 722 turned me down!

[inpain66]

I got turned down for a redemption loan with 722!!!


This is not good because now I have to rely on the credit union letting me keep my car. If they do not let me keep it then I will lose my job and likely end up homeless.


I was soo happy yesterday when I paid all the money to the lawyer. Now I am bummy again.

what are the chances my credit union will let me keep the car? I have a 4k credit card with them and a 9k personal loan with them on top of the 16k car loan..

[justbroke]

Are you beind on your car payments or those other loan products? Is the loan and credit card cross-collateralized with the car? (Call the CU and ask if the loan, car, and credit card is cross-collateralized.)

If they are cross-collateralized, this will make it difficult without getting the CU to agree to remove that cross-collateralization. You'd also (more than likely) need to be current on your car.

[mccaverty]

I was approved by 722redemption just yesterday, and I'm not all that excited now that I know how the process works. 24 percent interest for the first year I could probably live with (in the absence of any other options) but the limited number and quality of vehicles to choose from is pretty depressing...and there's the awkwardness of having to drive the person who delivers your car to the nearest bus station...

[inpain66]

I am behind in the credit card and personal loan. I had to get behind to pay the lawyer. I have little take home income since I work for the govt and only take home 45% of my gross.


The auto loan is current. If they do not let me keep it I will lose my job and prob be homeless. I cannot wait.

This sucks soooooo bad!!

[jessegirl]

I am behind in the credit card and personal loan. I had to get behind to pay the lawyer. I have little take home income since I work for the govt and only take home 45% of my gross.


The auto loan is current. If they do not let me keep it I will lose my job and prob be homeless. I cannot wait.

This sucks soooooo bad!!

Have you asked the attorney, if you are current with your car loan, why would they want to take the car?? Its better that you make the payments, then it is for them to take it. I never signed a reaffirmation with my vechile and I am still making payments and still have my vechile. I would ask your lawyer if you can sign a reaffirmation with them.

[justbroke]

Have you asked the attorney, if you are current with your car loan, why would they want to take the car?? Its better that you make the payments, then it is for them to take it. I never signed a reaffirmation with my vechile and I am still making payments and still have my vechile. I would ask your lawyer if you can sign a reaffirmation with them.

The problem in this case, is that it's a Credit Union and they tend to cross-collateralize all accounts! That's the only problem I see.

[TEW]

The problem in this case, is that it's a Credit Union and they tend to cross-collateralize all accounts! That's the only problem I see.

I've read some posts where people have talked to the CU and they released the cross collateralized loans. they may not want the car.

[justbroke]

I've read some posts where people have talked to the CU and they released the cross collateralized loans. they may not want the car.

That is exactly what I recommended the poster do. Contact the Credit Union!

[inpain66]

The credit union holds my fate and future in their hands at this point!

[TEW]

That is exactly what I recommended the poster do. Contact the Credit Union!

And I agreed and tried to reassure OP that others have done it.

[fltoo]

The credit union holds my fate and future in their hands at this point!

Such drama, lol. YOU are the only one that holds your fate and future.

Call them, tell them you are filing BK and want the cc clause removed. They don't want your car. Tell them you will continue paying it if they do, or you are going to default on the loan. Find out how upside down the car is before you call and tell them that figure.

If that doesn't work, tell them you will reaffirm and you want the clause removed.

[StartingOver08]

I removed the cross collateralization from my loan. When you talk to the BK dept at the CU be very matter of fact, like you do this type of negotiations all the time. They will not expect you to know about it. Have your list of requests right with you. You can ask for anything - don't get too greedy!!
Write it right in the reaffirmation agreement. This will make you feel better and of course, make sure that everyone complies.

[dogbone33]

722 can suck it! They turned me down too! We put down to surrender our car. The credit union came back and asked us to reaffirm it at what it is worth. I haven't paid them since November. We are 12k upside down. Anyways, they never said anything about paying on anything else. We had a truck repoed that we owed 7k on (bad tranny), a 6k personal loan, and a 5k credit card. I am reaffirming another loan I have for 18k on a business trailer, however my lawyer offered them 8500 for it to see if they would do that. So ours is working with us. Prolly cuz they have had a million repos and don't want anymore! If you have a lawyer they need to do the work.

[debtmonster]

722 can suck it! They turned me down too! We put down to surrender our car. The credit union came back and asked us to reaffirm it at what it is worth. I haven't paid them since November. We are 12k upside down. Anyways, they never said anything about paying on anything else. We had a truck repoed that we owed 7k on (bad tranny), a 6k personal loan, and a 5k credit card. I am reaffirming another loan I have for 18k on a business trailer, however my lawyer offered them 8500 for it to see if they would do that. So ours is working with us. Prolly cuz they have had a million repos and don't want anymore! If you have a lawyer they need to do the work.

I'm not even going to bother applying and I am telling them they can SUCK IT.

Can you get your current loan to re-affirm what the car is worth? I thought only a place like the 722 Redemption loan company can do that?

Like I said, I owe $12k on my car and I know they would be lucky to get $4k at the auction for it with all the miles I put on this thing. Being that I went way past 50,000 miles, this 2007 car cannot qualify as a certified pre-owned on many dealer lots. Plus with the high mileage, it would be hard for a customer to qualify for financing on it.

After the low mileage 2005, 2006 and 2007 cars I've seen on Auto Trader and Craigslist for $6,000 and under, I think I am planning on trying to save up $6,000 cash and just buy one of these cars outright after the BK is discharged. I was planning on not re-affirming my car and just keep paying on it as long as possible after the discharge and then give it back a few months later after I've had time to get that $6,000 saved up.

[fathergolf]

We were turned down by 722 and then I was accepted by Prestige Financial. Turned out to be a good thing since the rate is 17% instead of 24%. They work with some dealerships in cities you can call them to find out which ones. We got a 08 Trailblazer from a Chevy Dealer (got the price down) and only put $1000 down and we were not discharged when it went thru. This is not a pitch for them only telling you about our experience.