Automobile redemption

[pigpen75]

I was thinking about redeeming my truck. We owe $13,500 and its only worth about $6,500. I told my lawyer about this and he said he thought we had to have had the loan for at least 3 years? I've never read anything like this? Just wondering if anyone else was familiar with this? Thanks

[WorkingItOut]

I was thinking about redeeming my truck. We owe $13,500 and its only worth about $6,500. I told my lawyer about this and he said he thought we had to have had the loan for at least 3 years? I've never read anything like this? Just wondering if anyone else was familiar with this? Thanks

To get them to lower the amount of the loan to the value of the vehicle, you have to have had the truck for several hundred days (I can't remember the actual number), but it's like 2 1/2 years or something. I'm sure that's what your attorney was talking about. You can redeem the truck no matter how long you've owned it. You just can't cram down the loan amount unless you've owned it for that number of days. In other words, you'll owe the whole $13,500 if you redeem it without owning it for that long.

[pigpen75]

So that sounds pretty pointless then. I might as well reaffirm it? I've also read where people have gotten a used vehicle using 722 and I'm assuming they let their old vehicle go?

[StartingOver08]

To get them to lower the amount of the loan to the value of the vehicle, you have to have had the truck for several hundred days (I can't remember the actual number), but it's like 2 1/2 years or something. I'm sure that's what your attorney was talking about. You can redeem the truck no matter how long you've owned it. You just can't cram down the loan amount unless you've owned it for that number of days. In other words, you'll owe the whole $13,500 if you redeem it without owning it for that long.

The number of days is 910.