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    #1

    Redemption Question

    I filed pro se on 10/14/05. I contacted US Bank to see about a 722 redemption loan. They indicated that they need the name of an attorney.
    Will an attorney do JUST that part and have no other part in the bankruptcy?
    The finance company is Acension Capital Group. HSBC Auto Finance turned the account over to them after I filed. Has anyone had any experience with them? How do they cooperate with redemption offers. US Bank is going to offer the trade-in value.

    Need advice fast -- I think I'm getting pretty close to a discharge date.

    Thanks
    Tags: None
    #2
    The good news is you have at least 1 month to work it out before discharge...

    No harm in trying to find an attorney to do the redemption for you. I think 722 wants an attorney involved, since they can't offer legal advice, etc. they really don't get involved in negotiating w/ the creditor either.

    If that doesn't work out, you could surrender the existing vehicle and perhaps do a replacement vehicle from 722. We did that-and are very satisfied. Just setup the 3rd payment to thru online billpay yesterday...
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

    Comment

      #3
      I'm thinking that replacement may be a better option. Anyone else that does what US Bank does besides US Bank?

      Busybees5

      Comment

        #4
        I only know of this one... On the bright side-they don't need to deal with an attorney since its just between you and 722. Not dealing with a creditor. We had to pay $500 when they delivered the vehicle (someone drove it to us, after we had signed paperwork and overnighted it back). 1st payment was due to US Bank 30 days later. I worked with Stan in the replacement program. He was patient-I'm the type of person who asks 100 questions!

        Our story-we had a truck w/ bad gas mileage and minor body issues (needed a windshield, new tires, and had a dent in the side panel-Dh did it, not me!) that we owed $504 X 41 more months, but it was only worth about $10,000-12,000 depending on the resource. We had an '03 Galant that had high miles (nearly 60,000) and that was in rough shape because it had been used for newspaper delivery (lots of miles, rough on vehicle due to excessive stopping & starting). On it, we owed 22 X $369, plus a balloon payment at the end of a little over $7,000. It was worth perhaps $5000-6000 on a good day.

        Neither was a vehicle we wanted to put more money into. Keeping the truck was a bad idea due to the poor gas mileage, and keeping the car would have only been temporary as the balloon payment would have been due in less than 2 years. (No way we'd reaffirm that!!) We had considered keeping it for a while and then surrendering it when we found something else, but there was no guarantee we'd get good financing after BK and putting more monthly payments into a car we didn't want didn't seem smart.

        What we got was a 2002 Taurus that had been a lease turn-in. It had just under 36,000 miles when we got it. We did have to put new windshield wipers on it-they did an inspection of EVERTHING but missed that I guess. We are set at $294 for 51 months. The APR is high, but if we're able to pay extra and pay it off sooner we combat that. Its not much, but we've been paying $300.
        Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

        Comment

          #5
          i say buy a very used vehicle on the cheap from a private party instead if you can afford to buy one. it will cost you much less and you will save your money assuming you can find one that is in good condition.

          as we all know never buy a new vehicle. its over priced. and some of these prices we get during bk is way too much as well.
          Im not an attorney or a trustee. You cant trust me either though!

          [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
          [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
          [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
          [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

          Comment

            #6
            We had considered that Bkfiler-but as soon as we missed a payment, Chrysler filed to lift the stay on the truck. If Mitsubishi had done the same, we faced the possibility of NOT being able to get something in time to avoid being with no transportation. No transportation, no paycheck... And, since it was going to be the only vehicle that we have for a while (2-4 years at least) we figured it better to have something reliable, that could last a LONG time.

            We will probably not look into adding a 2nd vehicle for quite a while. Until either this one is paid off, or we can save to buy something else outright.
            Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

            Comment

              #7
              Thanks everyone.

              Comment

                #8
                anyone needing a second vehicle should take time to look around at cars sold around the area by private sellers. if you are not in a rush then you can be selective. you will get a better price and probably can find someone that is honest with you. also, you can have a mechanic check the car out for under $80 to verify its in good shape.

                save a $1000 and buy an old car for primary or additional help with transportation.
                Im not an attorney or a trustee. You cant trust me either though!

                [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                Comment

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