Any knowledge of 722 redemption company?

[so-beyond-broke]

Hi There:

I filed in April 2006 a Ch7. And in May I received 2 mailings from the 722 Redemption Funding Inc. company. They supposedly help you with a vehicle in Bk. It sounds interesting, but the bank who holds my car loan accepted my reaffirmation agreement and filed it with the court less than 2 weeks ago. I only owe them about $2,600 (valued at $3135) on a car that is 8 years old with 48,000 miles on it. I am wondering if they can pay off the bank and then I can pay them back. My current car payment is 330 a month, which in my situation right now is high. I believe that its US Bank that finances them, but I am not sure. Their logo appears on this letter that I received. They also claim that if you want to get a replacement car they can help - at wholesale cost, not retail cost. If there's no major catastrophe I will be paid off on this car by December if I continue to pay $330 a month. I would sure love to get a newer vehicle. My car is 8 years old now and I fear that it will develop more problems as it gets older. Or should I pay if off and trade it in?

Any advice?

sbb

[gacreditguy]

if you have a decent interest rate, stay with your current lender and pay that vehicle off if at all possible. If you can financially keep up with your payments though the end of the year you will have it paid off and it will be over and done with.. Iw ould personally go that route if I were you!

[so-beyond-broke]

GAcreditguy

My interest rate was 11.6% when I got the loan in 2001. Since I am still in BK, I really don't know how the 722 program will help me. But thanks for your reply

sbb

if you have a decent interest rate, stay with your current lender and pay that vehicle off if at all possible. If you can financially keep up with your payments though the end of the year you will have it paid off and it will be over and done with.. Iw ould personally go that route if I were you!

[poorme]

Keep the deal you have if the payments are manageable, and I'd suggest even trying to pay it off early if you can.

There are several redemption loan companies out there, and can be good alternatives especially if someone is upside-down on the loan. Essentially, they help you make an offer to the original lender for less than the car is worth or owed. If the bk court approves the deal, then the redemption loan is made and your orig lender accepts the pay off. Then, you have a new loan, court-approved, with the redemption lender. 722 Redemption is just one of several...you can Google for 'redemtion loans' and find others.

[catwhisperer]

Hi There:

I filed in April 2006 a Ch7. And in May I received 2 mailings from the 722 Redemption Funding Inc. company. They supposedly help you with a vehicle in Bk. It sounds interesting, but the bank who holds my car loan accepted my reaffirmation agreement and filed it with the court less than 2 weeks ago. I only owe them about $2,600 (valued at $3135) on a car that is 8 years old with 48,000 miles on it. I am wondering if they can pay off the bank and then I can pay them back. My current car payment is 330 a month, which in my situation right now is high. I believe that its US Bank that finances them, but I am not sure. Their logo appears on this letter that I received. They also claim that if you want to get a replacement car they can help - at wholesale cost, not retail cost. If there's no major catastrophe I will be paid off on this car by December if I continue to pay $330 a month. I would sure love to get a newer vehicle. My car is 8 years old now and I fear that it will develop more problems as it gets older. Or should I pay if off and trade it in?

Any advice?

sbb

I'd keep the car, 8 years old and 48,000 miles ain't bad at all! If you show payments thru Dec it may actually help you get a loan when you want to trade it in and you won't be in an upside situation and in better negotiating situation.

[aa06a47]

Hi There:

I filed in April 2006 a Ch7. And in May I received 2 mailings from the 722 Redemption Funding Inc. company. They supposedly help you with a vehicle in Bk. It sounds interesting, but the bank who holds my car loan accepted my reaffirmation agreement and filed it with the court less than 2 weeks ago. I only owe them about $2,600 (valued at $3135) on a car that is 8 years old with 48,000 miles on it. I am wondering if they can pay off the bank and then I can pay them back. My current car payment is 330 a month, which in my situation right now is high. I believe that its US Bank that finances them, but I am not sure. Their logo appears on this letter that I received. They also claim that if you want to get a replacement car they can help - at wholesale cost, not retail cost. If there's no major catastrophe I will be paid off on this car by December if I continue to pay $330 a month. I would sure love to get a newer vehicle. My car is 8 years old now and I fear that it will develop more problems as it gets older. Or should I pay if off and trade it in?

Any advice?

sbb

Since your in a Chapter 7, remember, you will basically not have any unsecured credit card payments to make after the BK. You should find youself in much better shape than before. If you can swing the payments till it's payed off with the original lender, then my all means, stay with that lender.

[SinkingFast]

We have an 8 year old car, a 13 year old car, and a 17 year old car. All are running good. And they're paid for. The only thing we're out is maintenance. Which ran us $185/mo for repairs last year. New brakes on 2, a muffler for one, a water pump for another, and oil changes. $185/mo isn't a bad payment for 3 vehicles.

If you can tough it out, go for paid off on December. Then you'll have some time to save those payments toward a downpayment on a nicer vehicle. In the meantime, you'll clean up your credit reports, and you'll have a positive reporting tradeline coming out of BK. Could be win/win all the way around for you to wait just a tad longer for the newer vehicle.

[so-beyond-broke]

SF

That sounds good and makes sense. If i have been paying on it almost 5 years gee what's another 6-7 months right? I am just hoping that there are no major issues that my extended auto warranty can't handle.
sbb

We have an 8 year old car, a 13 year old car, and a 17 year old car. All are running good. And they're paid for. The only thing we're out is maintenance. Which ran us $185/mo for repairs last year. New brakes on 2, a muffler for one, a water pump for another, and oil changes. $185/mo isn't a bad payment for 3 vehicles.

If you can tough it out, go for paid off on December. Then you'll have some time to save those payments toward a downpayment on a nicer vehicle. In the meantime, you'll clean up your credit reports, and you'll have a positive reporting tradeline coming out of BK. Could be win/win all the way around for you to wait just a tad longer for the newer vehicle.