@Anonymous wrote:I filed on 03/30 and told my lawayer I want to keep my car and continue to make payments, so we would reaffirm the loan but now I am reading that there is this option called Reedem. Can this really be true? I owe $18,680 on a 2015 Fiat and the KBB value is $8650. Is true can I just pay off my car for the fair market value? Where would I get it appraised? I know I can gett the mooeny from my family to pay it off.
Yes it is very true... I did it with my current car as i filed for BK on 3/30 as well...go to 722redemption.com and fill out all the necessary information and they will call you or you can call them. It was a very easy process they send you a form through email you identify all scratches, damage and everything on the car and they go to work for you...
I hadn't heard of this before. I'm curious though. So let's say you pay it off or "redeem" it. Doesn't it then go into the assets you are trying to keep? Which for me was limited to $10k including a cars, jewelry, etc.
@GatorsFan84 wrote:I hadn't heard of this before. I'm curious though. So let's say you pay it off or "redeem" it. Doesn't it then go into the assets you are trying to keep? Which for me was limited to $10k including a cars, jewelry, etc.
I think it varies for evvery situation my only asset was my car so it wasnt anything else I was trying to keep besides it so everything worked fine. I dont really know if it changes if you are trying to keep other things or how that works but it doesnt seem so beccause they never asked me what else am i keeping. They just asked you BK Case number and thats it really besides the natural personal info.. and car description.
@Anonymous wrote:Also quick question my mom co-signed my car back in 2015. If I were to reedem the veichle would she still be liable for the amount they "wiped out"?
The initial site information is just for appearance imo reason being its just to show you what your payments would be if you were to redeem sort of like a pre-qual. After is when you fill out the necessary documentation. It basically asked all the basics to identify yourself, then they ask you BK case number.... Its essentially like refinancing except they are redeeming the car (negotiating) better terms for you to finance with them.... So they bring your car down to value its worth and take away your upside amount... So co-signer or not you should be fine. Its pretty straight forward....Nothing to worry about easy process..
@Anonymous wrote:So it's an option for them to loan you the money to reedem?
It is but i think approval is guaranteed i had no problems.. at least and mine was a 14 Hyundai Elantra being 10K upside down.