So If I want to redeem my vehicle at a lower value..

[livelaughlove]

I am doing a redemption thru 722. My lawyer handled all of the paperwork. But BEFORE putting in the Motion to Redeem with the courts, I applied to 722 and was approved. 722 then sent all of the appropriate paperwork to my attorney. My attorney charged me an extra $400 for completing and filing the Motion to Redeem. This $400 charge will be financed with my car, so I do not have to pay anything upfront.

Also, so many people are saying how bad the 722 Redemption is. For me personally, it is a godsend. They put a motion in for the current market value, which is about $6-8 less than what I currently owe on my car. I want to keep my car, so this works out perfect. Assuming Capital One doesn't object (deadline is July 14), my payment will go down about $200 a month!!!! I don't understand how some people's payments go up with redemption?

Does anyone know what happens if your current lender objects to the redemption? Can the court order it happen anyway?

[aces67]

it's not just a guy thing, i'm surrendering my suzuki and can't stop looking at used volvos and audis. After all this stress, dreaming doesn't hurt at all, and looking doesn't cost a thing.

However, i'm going to be stuck riding my bike and taking public transportation for quite a while, as my job doesn't start until september. My public face on it is that i've decided to be super eco-friendly. It's much more fun to be smug than poor, lol.

lol!

[bkmaggster]

It's not just a guy thing, I'm surrendering my suzuki and can't stop looking at used volvos and audis. After all this stress, dreaming doesn't hurt at all, and looking doesn't cost a thing.

However, I'm going to be stuck riding my bike and taking public transportation for quite a while, as my job doesn't start until September. My public face on it is that I've decided to be super eco-friendly. It's much more fun to be smug than poor, lol.

[LuciluS]

Well I'm Very Proud Of My Toyota Sienna MiniVan!!!!!!!

If I didn't have a minivan, I wouldn't be able to go where walking more than 100 ft. is required like a grocery store. The rear seats are out and installed is a lift with a remote control which I'm able to attach a latch to my scooter & punch up or down, or in and out & get my scooter in and out of my minivan all by myself. This is important to me as Dh is only home 1 day of the week.

My step mom told me Monday she was jealous of my van. She has a Lincoln Continental which she can't go anywhere as her scooter has to be broken down in 4 pieces & she can't lift the parts. My dad cannot either and he no longer drives at all. They have money, and we don't. Kinna made me feel good even tho I'm not sure she meant it to be

Luci

Dang Men

[Amy26]

Lol...

[ShorterSN]

I just have to state, proudly, that my wife's little car gets over 38mpg highway. We went out of state last weekend and proved it; did 220+ miles on just over half a tank of gas (about 5.5 gallons)!

My 3.8L V6 Olds LSS isn't too bad, roughly 28 highway.

Then our future (dream) car, the '07 Impala, gets about 24mpg highway...

hrm, I think I'm seeing a disturbing pattern here... >_>

PS. Also proud that my wife refuses to ever own a minivan

[Amy26]

Hehe... well it was a brand new LE corrolla and then we got the gap insurance and all that ... so after taxes and insurance added in, it came up to 20k. I think the car was really only 18k. But yea, great gas mileage... only has like a 10 gallon gas tank and gets almost 400 miles to a tank. My payment is only 393 a month.

Guys never want minivans... they think it removes their "male coolness" quotient! I couldn't cope with 15 miles to the gallon... I hope you don't have a long commute for work!

[aces67]

LOL that is exactly what my husband says...and he's from Denmark... so its not just a US male thing! ;)

But yea the prices have fallen quite a bit... a lot of the "high" end cars my husband is looking at are pretty reasonable used! He's seeing like 2005 BMW's and Audis for around 20k... I paid 20k for my stupid corolla! ><

That seems like a lot but on the bright side you probably get awesome gas mileage! Dh picked out my Jeep. I wanted a used mini van. The one I wanted was much cheaper than the Jeep and got 20 mpg. Dh said he was too embarrassed to buy a mini van and insisted on the darn Jeep. Way higher and only 15 mpg! Sometimes I think I should just let it go back and get a minivan

[Amy26]

LOL that is exactly what my husband says...and he's from Denmark... so its not just a US male thing! ;)

But yea the prices have fallen quite a bit... a lot of the "high" end cars my husband is looking at are pretty reasonable used! He's seeing like 2005 BMW's and Audis for around 20k... I paid 20k for my stupid corolla! ><

[aces67]

Hey, I resemble that remark!

Tomorrow's our day 60 and we now have two reliable cars we OWN (1998 Olds LSS and 1999 Saturn SL1), yet I can't stop myself from looking at how prices have fallen on our 'dream car' - a burgundy 2007+ Chevy Impala LT with charcoal interior is less than $8,500 now!!!

...my excuse is that it never hurts to look, and the wife wants it too

LOL! Dh says the same thing. He has a whole list of things he keeps looking at b/c he says it never hurts to look.

[ShorterSN]

We only have one car and my husband keeps looking at carmax for used cars to get down the road for him and he's looking at Audi's, BMW's, Mercedes...and I'm like honey bankrupt people don't buy Mercedes >< ... men.

Hey, I resemble that remark!

Tomorrow's our day 60 and we now have two reliable cars we OWN (1998 Olds LSS and 1999 Saturn SL1), yet I can't stop myself from looking at how prices have fallen on our 'dream car' - a burgundy 2007+ Chevy Impala LT with charcoal interior is less than $8,500 now!!!

...my excuse is that it never hurts to look, and the wife wants it too

[LuciluS]

My lawyer's paralegal said he doesn't do this. She said we can reaffirm for the full amount or see what US bank would offer.

Should I make an appointment to speak with my lawyer directly or just fill out the app first?

Hmmpphh, sounds like my Attorney LOL! Probably not in contract for negotiations, just Attorney mails reaffirmation to Lender.

Like I said, it never hurts to try - So I would fill out the app online & see what happens.

Luci

[aces67]

No! Your credit is shot anyway, so filling out an application with US Bank can't hurt. As the ole saying goes ' Ya don't know, until you try it.'


Like Rick said, approval rate will most likely go to your Attorney. Gee' sounds like to me you should have your Attorney (if he is willing) to negotiate with your current lender first reduction $$ amount of your loan and possibly a % rate reduction. If they refuse, then try US Bank.

Altho, US Bank is the only bank to advertise the redemption program, I wouldn't be suprised if a current lender would do such, as they know you are upside down on the vehicle. And they darn sure don't want the vehicle. Why? Usually only way they can dispose of a vehicle is in an Auction and the price would be a whole lot less than if you kept the vehicle & they possibly reduced loan value & % rate reduction.

We are about $2,000 upside down on Dh's truck, but we will reaffirm as I believe AR requires reaffirmation and our contract with BK Attorney includes two reaffirmations. Dh is 6'6" tall and just doesn't 'fit' in all makes and models of vehicles.

We voluntarily surrendered our Motorhome last Nov. as we just couldn't afford the $125 in insurance every month. After several phone calls, they picked it up late Nov. and auctioned it early Dec. We received notice of Auction date and a letter after auction stating we owed the deficiency of around $14,500 which we will include in our bankruptcy.

It's kinna like baseball. It's a Hit or a Strike LOL!

My lawyer's paralegal said he doesn't do this. She said we can reaffirm for the full amount or see what US bank would offer.

Should I make an appointment to speak with my lawyer directly or just fill out the app first?

[Amy26]

Luci,

Yea we are definately keeping it! Plan to for a long long time! I am total toyota lover! Although, I'm a bit sad in that before all this mess happened to me I had an Acura TSX and now I have a corolla... But, it is reliable...dependable...good on gas... and its new so I don't have to worry.

We only have one car and my husband keeps looking at carmax for used cars to get down the road for him and he's looking at Audi's, BMW's, Mercedes...and I'm like honey bankrupt people don't buy Mercedes >< ... men.

[LuciluS]

24% is the lowest they offer and it goes up from there, depending on your CR. This is what they told me anyway.

Rick:

US Bank has got to pay for all the advertising they are doing on the 722 redemption plan

It's kinna like when Wal-Mart started advertising the $4.00 generic prescriptions. We were driving the 16-18 miles to pick up our prescriptions. I'm on Medicare & have a supplemental policy for prescriptions through Blue Cross/Blue Shield. I decided last April to move our prescriptions to our small town local pharmacy because of the price of gasoline.

Gee, a prescription I take was $28.92 at Wal-Mart as my supplemental Medicare policy does not pay for it. My small town pharmacy charges me $24.38 for the same drug. I asked the owner one day about the price difference. His comment was, well Wal-Mart had to make up the $ difference on the $4.00 advertised generic drug.