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

[LuciluS]

What kind of interest rates are we talking about here? Are we talking 15% high or like 30% high? I bought a 2009 Toyota Corolla on 3/31 that I was going to reaffrim. Its currently at 9% but I'm thinking the payment would probably be higher if I went with the US bank route.

Amy:

That is a good rate. I hope you plan on keeping the Toyota as my 1999 Sienna Van has been an excellent vehicle. I don't believe I've ever put freon in for the A/C and it works great. I even have a rear A/C which works perfect. Personally,

I'm sold on Toyota. I had a Chevy Astro Van I kept for 9 years, but it started having major problems with it. So I traded the Chevy van in on the Toyota and paid cash for it on 5/12/99.

[LuciluS]

We've never been with US bank so we would be a new customer. I was upside down on the car that I traded in on the Jeep so we ended up getting financing but at a rate of 16%. I've researched it and it seems like they may be able to save us some money if we qualify through them. It won't hurt anything with my BK to go ahead and fill out the app today right?

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!

[Rick9972]

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

[Amy26]

Ouch... yea yucky.

Thank God I had a great credit history with Toyota Financial... they "overlooked" my less than perfect credit.

[aces67]

What kind of interest rates are we talking about here? Are we talking 15% high or like 30% high? I bought a 2009 Toyota Corolla on 3/31 that I was going to reaffrim. Its currently at 9% but I'm thinking the payment would probably be higher if I went with the US bank route.

From what I've read on their website the rate could be as high as 24-27%.

I would think you probably wouldn't save any money.

[Amy26]

What kind of interest rates are we talking about here? Are we talking 15% high or like 30% high? I bought a 2009 Toyota Corolla on 3/31 that I was going to reaffrim. Its currently at 9% but I'm thinking the payment would probably be higher if I went with the US bank route.

[aces67]

I printed the info from US Bank & showed it to our BK Attorney when I had my 2nd face-to-face meeting with him. Now, we haven't filed yet - will do so 9/30/09.

He told me it was fine if I wanted to apply. But Guess What? Our truck payment is with US Bank & the redemption program is for new customers only.

Beware the interest rate is high. You probably can extend the life of the loan to get your payments lowered. Keep in mine, can your vehicle survive addt'l years.

I drive a 1999 Toyota Sienna Van with 97.700 miles on it. It was 10 yrs. old on 5/12/99 . I remember the date, because it was the 1st time I ever paid cash for a car. I hoping to get another 10 yrs out of it as no major problems with it.

We've never been with US bank so we would be a new customer. I was upside down on the car that I traded in on the Jeep so we ended up getting financing but at a rate of 16%. I've researched it and it seems like they may be able to save us some money if we qualify through them. It won't hurt anything with my BK to go ahead and fill out the app today right?

[Rick9972]

Okay the UST just officially withdrew from the case and my lawyer says we are done now. We're just waiting on our discharge which should come in about 20 days. He said he doesn't know anything about US bank. He was leary of me applying. Should I just do it anyway? I mean I know they have to contact my lawyer or something right? But they would only do that if I actually decided to use them right?

Yes and No, US Bank will send your approval information to your lawyer. This does not mean you have to do it.

We decided not to do the US Bank program, I just thought life is too short to get back into that again. When I told our lawyer that we were not going to use that program he said good. He then asked us what we felt would be a good deal on the vehicle and said that he would offer that to Citi, the worse thing that could happen is they say no, though he stated that alot of times they agree to the new terms. *shrugs* Could be worth a shot for you also.

[LuciluS]

I printed the info from US Bank & showed it to our BK Attorney when I had my 2nd face-to-face meeting with him. Now, we haven't filed yet - will do so 9/30/09.

He told me it was fine if I wanted to apply. But Guess What? Our truck payment is with US Bank & the redemption program is for new customers only.

Beware the interest rate is high. You probably can extend the life of the loan to get your payments lowered. Keep in mine, can your vehicle survive addt'l years.

I drive a 1999 Toyota Sienna Van with 97.700 miles on it. It was 10 yrs. old on 5/12/99 . I remember the date, because it was the 1st time I ever paid cash for a car. I hoping to get another 10 yrs out of it as no major problems with it.

[aces67]

Okay the UST just officially withdrew from the case and my lawyer says we are done now. We're just waiting on our discharge which should come in about 20 days. He said he doesn't know anything about US bank. He was leary of me applying. Should I just do it anyway? I mean I know they have to contact my lawyer or something right? But they would only do that if I actually decided to use them right?

[downsized]

I don't think you need to wait. Our atty gave us the redemption info at the filing appt and told us to go ahead and give them a call. We called somewhere in between filing and our 341 to see what they might be able to do for us. We didn't have to go any further than that phone call with them because they can't help us. We have a 2007 Saturn Aura that we're about $5000 upside down on and the payment with US Bank would have been $100 higher than our current payment.

[fyi2]

Aces - I would like to know as well
my petition says reafirm but I have since learned that i am actually 14000 upside down (grrr) so i won't reafirm BUT i would lov to keep it if i can redeem
I have been told by others on here and elsewhere to keep it as it is..
then after 341 to discuss with lawyer and apply for loan

?

[aces67]

I'm thinking of going through US Bank and doing a redemption on my Jeep. We plan to keep it either way but if I can get the note lowered even better. The UST is withdrawing his motion to dismiss on Monday.

Do I need to wait to apply until after that? My lawyer hasn't even talked to me about my options with the Jeep. Should I call him first and letting him know that I'm wanting to try and redeem at a lower value?

Like I said either way we are keeping it but we are approximately 8 K upside down on it.

Thanks!