Redemption 722 turned me down!

[justbroke]

You just have a nice credit union. Plus, in this market, they really don't want that car back. Especially since you're filing Bankruptcy, in which they wouldn't get any deficiency claim either.

[inpain66]

I called my credit union today and spoke with the bankruptcy dept and they said that they will let me keep my car no problem. It seems too easy. I asked them about the other loans and they said they would not do cross collateralization since i am current on my car and was never behind on the car.

They said I could reaffirm the car or just keep paying. it seems too easy since they are a credit union.

DO you think they are telling the truth?

I hope so!!

[debtmonster]

In a simplistic approach you're correct.

However, if I can make $320 per day driving my truck plowing snow or towing cars or even getting to my job when no other means of transportation is available THEN credit is just fine. At that point I'm making money on someone else's capital.

I may be paying the bank 17% but the return on my vehicle investment may well be 34%.

Yeah, that's the thing. You're not going to find no $500 dollar snow plow.

[OhioFiler]

Smart use = 0%.

I can't save the cash neither... but if you're making car payments, you can save the cash. Start hitting Auto Trader and look for $500 dollar cars that RUN. Then drive them as long as possible until you can save the cash. I will be doing something similar in the future.

In a simplistic approach you're correct.

However, if I can make $320 per day driving my truck plowing snow or towing cars or even getting to my job when no other means of transportation is available THEN credit is just fine. At that point I'm making money on someone else's capital.

I may be paying the bank 17% but the return on my vehicle investment may well be 34%.

[debtmonster]

Smart use of credit is okay. It's when we need a car and decide we need a Mercedes and over-extend ourselves we get in trouble.

Smart use = 0%.

I can't save the cash neither... but if you're making car payments, you can save the cash. Start hitting Auto Trader and look for $500 dollar cars that RUN. Then drive them as long as possible until you can save the cash. I will be doing something similar in the future.

[OhioFiler]

Some of us can't buy cash cars! For one, I can't save that much cash. And I need a nice reliable car that can pull a heavy trailer for my business.

Smart use of credit is okay. It's when we need a car and decide we need a Mercedes and over-extend ourselves we get in trouble.

[dogbone33]

You're better off saving the cash instead of getting ripped for 17%. We all need to boycott these loan sharks by paying cash for cars instead of us bending over and paying those ridiculous rates.

People on here need to SACRIFICE and NOT GIVE IN!! Buy a CASH CAR and drive it until you can save the money for a better one.

Just like it says on the Dave Ramsey page...

"Say you are looking into financing a sports car with payments of $400 per month. The car that you are driving now is worth around $1,500. If you take that $400 and pay yourself instead of paying it to the dealer, you will save $4,000 in 10 months. You will have $1,500 from selling your old car, so you will be able to buy a $5,500 car just 10 months from now. Continue doing that for another 10 months and you will be able to buy yourself a $10,000 car. That is only 20 months away. You can do it!"

Some of us can't buy cash cars! For one, I can't save that much cash. And I need a nice reliable car that can pull a heavy trailer for my business.

[debtmonster]

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.

You're better off saving the cash instead of getting ripped for 17%. We all need to boycott these loan sharks by paying cash for cars instead of us bending over and paying those ridiculous rates.

People on here need to SACRIFICE and NOT GIVE IN!! Buy a CASH CAR and drive it until you can save the money for a better one.

Just like it says on the Dave Ramsey page...

"Say you are looking into financing a sports car with payments of $400 per month. The car that you are driving now is worth around $1,500. If you take that $400 and pay yourself instead of paying it to the dealer, you will save $4,000 in 10 months. You will have $1,500 from selling your old car, so you will be able to buy a $5,500 car just 10 months from now. Continue doing that for another 10 months and you will be able to buy yourself a $10,000 car. That is only 20 months away. You can do it!"

[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.

[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.

[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.

[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.

[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.

[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.

[inpain66]

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