Motion againt 722 Redemption filed LAST minute

[MosaicNate]

Someone help me out here... Tomorrow is my 341 meeting, and I looked on Pacer today and noticed that Americredit, my finance company for my car, has filed a motion AGAINST redemption of my car saying that the value quoted is not it's fair market value... Should I worry about this? Someone please help me out!

[StaciMM]

Its probably normal for them to try to argue for a higher value. There is not a clear answer. One person might look at Kelley, another at Edmonds, and antoher at NADA. Each has a different #.

Do you have an attorney or did you file pro se? If you filed w/ an attorney, he/she should have an idea of what your trustee uses for FMV. (The trustee gets the final word, I believe.) The creditor, on the other hand, doesn't know your trustee and is going to try to get as much as they can.

I wouldn't worry about it too much-worst case scenario is you may have to up the amount a little.

[MosaicNate]

Its probably normal for them to try to argue for a higher value. There is not a clear answer. One person might look at Kelley, another at Edmonds, and antoher at NADA. Each has a different #.

Do you have an attorney or did you file pro se? If you filed w/ an attorney, he/she should have an idea of what your trustee uses for FMV. (The trustee gets the final word, I believe.) The creditor, on the other hand, doesn't know your trustee and is going to try to get as much as they can.

I wouldn't worry about it too much-worst case scenario is you may have to up the amount a little.

I definitely have an Attorney. I'm just so scared they'll be like "OK the finance company is right... We're rejecting your appeal...." and then repossess my car or something.... If I up the amount, doesn't 722 Redemption Fund have to appove me for that etc?

[StaciMM]

1st-they can't repossess your car that easily. They would have to file a motion to lift the stay, and it would be a few weeks for that hearing to take place.

2nd-even if you have to increase the loan slightly from 722 redemption, it should not make a significant difference. Based on my calculations, if they increased the loan by another $1,000, it would increase your payment by about $33 if you have a 4 year loan.

I would say not to worry too much, as long as you make sure your attorney is on top of it. Ask him since you'll see him for the 341 tomorrow. Normally I wouldn't say 'don't worry' but your attorney most likely considered how your trustee/district values redemptions while the creditor is just trying to get more money. Also, the lender does not know the vehicle's condition. If it is high on miles, for example, that lowers the value.

[newstart]

I am relieved to know I am not the only one having a problem with americredit. I have been worried sick that they are going to take my vehicle and have been waiting for them to accept my 722 redemption, I have been on pins and needles. Thank you both for all the info.