[clen_lj]

I am in the process of filing for chapter 7 bankruptcy and have received mail from this company regarding refinancing my current vehicle or obtaining a new one. Sounds too good to be true, I get to keep my car and only pay the blue book value not the amount of the loan I still owe, a difference of about $7,000. Is this Ohio company legitimate?

[roxette]

Hi

Welcome to the forums.

This company is not listed with the BBB. These days, many banks are offering a variety of services and it has become quite difficult to choose the right offer. Do a thorough research when you are looking for value, service, and efficiency from them with other related companies.

Put your needs in front of the financial institution and see what they can offer for you. Do not get carried away by the offers that the banks will place in front of you. After doing a proper analysis, finalize the company that is suitable.

Understand the terms and conditions before finalizing the agreement. Get to know all the available features like electronic funds transfer or computer banking. If a part of it is left unknown, you might have to pay for it. Know the service fee, interest rates or any other chances that will be charged to your account.

I have been looking into these companies. Hope that you can do some research on them as well.


Financial Institutions, Indiana Dept of 402 West Washington, Room W006 Indianapolis, IN 46204 317-232-3955

Financial Institutions,
Ohio Division of 77 South High Street,
21st Floor Columbus,
OH 43266-0121
614-728-8400

Kentucky Dept of Financial Institutions
477 Versailles Road Frankfort,
KY 40601
800-223-2579

Regards
Roxette

[clen_lj]

Thank you Roxette. I will do some further research and let you know what I find out.

[clen_lj]

I did end up refinancing my car through 722 Redemption Funding. It worked out really well for me. My car payment was reduced by $110 per month and about $8,000 off the balance due. Financing was done by US Bank. My first payment is just due this week. I'd be happy to answer any questions about this process.

Im filling a chapter 7. Got a jeep liberty i owe about 16,ooo.oo payment of 394.00 month. Kelly blue book rate it excellent 10,425.00,good 9,500.00,poor 7,955.00.if i went through 722 red.what could i get it for and could it reduce my payment. Thanks

I'm not sure what you can get but you can contact them at 722redemption.com, fill out the online application and they'll give you a quote of what they would propose. Of course, whatever they propose does have to be approved by the bankruptcy judge. I know they DID reduce my payment.

Whats your interest rate???? :cry:

I work for a law firm who does bankruptcy's for Debtors. I am the assistant who files the Motions for redemption and worked with 722 redemption funding. THE GOOD FAITH CONTRACT/ PRE QUALIFICATION IS NOT A GURANTEE. In one instance I filed the Motion had it approved and after wards they called my client and told her she did not qualify. This was after they told her she did. What had happened was her Husbands income dropped a little due to the holidays and slow economy. But they did not care nor did they try to work it out and get them qualified. So meanwhile my client is hysterical thinking she was going to lose her vehicle. This type of treatment is not in the clients best interest and you should be Leary of this company.

is there any options if the bk discharges before the redemption agreement through 722 redemption is finalized?

Or, if the bk discharges, are you SOL? Is there ANY ALTERNATIVES FOR THE CLIENTS AT THIS POINT?

ripoffreport.com/reports/0/332/RipOff0332220.htm

Become familiar with the "Dave Ramsey" car and buy one of those. You don't want any car payments. Walk away from the car without the payment, buy a junker, put what you would have spent on a car payment in the bank, and in 10 months go buy another car for $3,500 cash. NO PAYMENTS. Check out Dave Ramsey at DaveRamsey.com Another good resource is CreditCardPainRelief.com

i got turned down by 722 redemption because my debt ratio was too high...is there any other company that will does the same kind of thing?

SameBox Response from paulmergel:

sorry,but posting those numbers is a no no.

The only way I was able to keep my personal belongings (Yeah, I truthfully listed them) in Chapter 7 was to finance a debt-free auto through 722 redemption-u.s. bank. It allowed me to buy back my belongings from the Trustee. I did, however, have to give up the other auto financed with a credit union (all they wanted was reaffirmation and 722 was not quick enough). I found them to be very professional and will answer all of your questions upfront. They did assert, however, that I could refinance at a lower interest rate after a year (I am at 24%-ugh!). Well, it's been a year and 722 doesn't own my loan, I'd have to refinance with US Bank. But, they didn't tell me upfront that this bank doesn't actually offer refinance in my state. Kinda stuck now!

I filed for chapter 7 bankruptcy and after being contacted by 722 Redemption /US Bank, I am now approved to purchase a vehicle at 24% no older than 2005 from there prefferred dealership Jake Sweeny of Ohio. I'm located in Michigan, & concenred about being stuck with a lemon @ a high percent rate. Has anyone purchased a vehicl from this Jake Sweeny?

[iluvqueenbee]

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I used this company, and it turns out it was way to good to be true.They sent me to a dealer out of state from my home to get a car because they supposidly could not work a deal with my current car's bank.They never told me I could go anywhere, once i gave my vehicle back and went through their process, I ended up with what I thought was an amazing vehicle and an amazing experience.....WRONG!! The dealer they sent me to bought the car in california where I live once I told him what I wanted, then instead of trucking the car to me, like the few other dealers I had spoke to would do, he brought the car to him in vegas, where I had to go pick it up.To make it seem great he would fly me one way to las vegas from california where I live, but ONLY ME.Then I could drive my car back.well when I arrived and saw the vehicle, their was duct tape still stuck on the car, it hadn't been washed.I had some concerns but what was I to do?I was in vegas by myself with only enough money to get home on a Sunday, 3 days before christmas.I asked to make sure: "the car is registered, Right?" oh yes, everything is taken care of.He placed the reg. sticker on my window and I went off on my way, only to find out that a transfer of title was never done and the vehicle was never registered.My husband was then pulled over at gunpoint by 2 officers with my 4 year old in the car because the car is all black with no plates, and they thought it was stolen. I had our paperwork in the car, so once he explained the situation they refered us to the DMV for a piece of paper to hang in the window.Once there I was asked how much money I had on me to pay for the registration?When the man handed me the title paperwork, mine and my sposes signatures were forged, as if we agreed to pay all the enormous fee's that suddenly came with the car.I had an $1800.00 bill.I called 722 redemption funding and they advised me to find a new vehicle while their attorney dealt with the issue, once the dealer payed the reg. the check was issued to him for payment and the loan funded.well this was 2 months later.yet I began getting billed for the car that was not mine, that I could not drive, for the 2 months it sat.I was then advised to go ahead and make my payment and the loan docs would be corrected, starting my loan in Feb. but that never happened, I have called and called only to be treated terribly and told "just to make my payments and late fee's because they wont go to US bank about the issue or 58 people could be out of a job on my account!" which seems to me that they know there's a problem and they want me to go away.I wont...I may not have the money but these people are ruining my credit after I used them for a fresh start to build my credit after bankruptcy.Im so shocked that their are people in this world that can be so evil. Im looking for any advise I can be given on this situation.I dont live in Ohio so I dont even know how to get an attorney involved!