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722 redemption ?s

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cartwrna
Valued Contributor

722 redemption ?s

So..long story short lender had unperfected lien on my car, trustee took due to this and is offering to sell back to me. Car is a 13’ Avenger 47k Miles one owner (me). He has offered it to me for $4,000 which is a hell of a deal, so wanting to take it.

I can work out a payment option with him, but would prefer not to so that I can sell the vehicle instead right away. I am able to sell to local dealership for a little under 7k, then buy a cheap car that gets me to and from work and use remainder to pay off taxes I couldn’t discharge.

Thought about using the 722 program as they said they do trustee buy backs. With this are there a ton of fees? Super high rates? Who is the lender in the end? Any and all help is appreciated, even if it’s not to a question I asked. Thanks!

(Edited to correct some spelling :-P)
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
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cartwrna
Valued Contributor

Re: 722 redemption ?s

I figured it out. Just going to pay the trustee myself and bypass the 722. They do charge fees, as well as your lawyer can, the interest ranges from 17.99% to 23.99% depending on how your approved they said. Payments were like $177 a month for 42 months, but with interest I’d pay an extra $2500 if I decided to carry the loan full term :-/ pass on that!
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
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