722 redemption: Know more about this company and their contact info

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

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

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:88bcac75e3="paulmergel"]sorry,but posting those numbers is a no no.[/samebox:88bcac75e3]

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?

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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![size=1][/size]

if we use 722 loan, is there a penalty for early payoff?

From everything that I have read about 722, I would stay away from them. I have heard of them having people sign a note on a car unseen, and it is not what they wanted. They do not seem to be too reputable.

I have been pre-approve through 722, but I was wondering for those of you, who have their cars....how did the mileage and the year play apart in your monthly payment...can anyone share what their experience has been like.....I have not picked out a car yet and kinda unsure what I'd like to purchase.....Thank you.

The BBB report now shows only one complant but also points out they've only been listed since 1/2009. Seems kinda suspicious to me, seeing in one of their mailings that they claim to be in business for 12 years. --SJR

I'm so glad i GOOGLED them. I was already to sign up, but now I guess I'll hope my attorney can work out a great reaffirmation agreement with my finance company.

we purchased a suzuki grand vitara on tuesday (3 days ago) and I received a call today which is thrusday that I must return the car because this 722 redemption does not give auto loans for vehicles that are made by chysler, dodge, kia, and suzuki. Is the dealer pulling my leg or is this true.

THEY REDUCED MY PAYMENT BY 300 DOLLARS .. AND MY BALANCE WENT FROM 25,000 TO 9,000... dO IT .. ITS WORTH THE TRY.

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722 redemption can help out some people who are way upside down on their vehicle. You can generally apply prior to filing your bankruptcy case and determine if the 722 redemption loan is something that is going to benefit you or not. Here is a good resource that explains how 722 redemption for people who are considering trying to get a loan: 722 redemption

I am a used auto dealer in Aurora, Illinois and we have been working a 722 Program for the past 9 year at least. In my experience like with any other lender part of the problem can be the dealer and their understanding of the program (ie. qualification of vehicles, mileages, book values, debt to income ratio, and other qualifiers). If you go through the program you must be sure to get all your questions answered and feel comfortable with whom you are dealing with. 722 Redemption and US Bank are both large companies and as such there will be very happy and unhappy customers, but overall I think is a very good option for someone looking to obtain a newer vehicle with low miles to restart their credit. And while buying a car cash is a great option most of us will need to re-establish credit after going through BK. I hope this will give you the perspective of the dealer on this whole rather complex financial situation. To sum it all up find a good dealer/program/bank to fit your needs and ask all necessary questions. A well informed dealer should be able to answer all your questions and make you feel comfortable with your decision.

I was duped!! my auto dealer told me the 722 (thru US bank) would refi me in 12 months if I made all my payments on time. I did. I called US bank last night "they won't refi me b/c I don't live in a state with US Bank in it...." that's just crazy to me. I'm waiting for a senior financial rep at US bank to contact me. I've told them I was put into the program under false pretenses and would not be willing to keep the crappy little car fro Jack Sweeney Smart Mart (In ohio or something like that) for 3 years!! I was duped!!!!!!!!!!!! I emailed the salesman at JaKe Sweeney (Morgan) and guess what? yep...no reply.

i talked to 722 redemption, they basically said there was nothing they could do to help me out on my current loan, but they can get me into a new vehicle with low miles and all i have to pay is tax and registration. we decided to just reafirm with our current company, even though our current apr is 16, it sure beats 24. and our car will be paid off in 2 years, versus restarting with another 5 year loan. especially at an even higher intrest rate. it just doesnt make sense to "start over" by getting tied up in an extremely high intrest car loan before my bankruptcy even discharges. i understand if they were able to refi our current loan, lower our monthly payments and principle balance it would totally be worth it. but after going over everything with a fine tooth comb it just doesnt make sense to get a new high intrest loan with them.

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Okay..I have retained a lawyer..I'm going to file a Chpt 7 some time next month. I have a 96' Nissan Maxima with 200,000 + miles on it, this is a junk car. I had to purchase it "last minute" before I lost my job...I had two auto loans where both cars were repo'd recently...(I wish I had filed then...I would have the cars, but you can't cry over spilled milk) so I had to use a "side of the road, in house financing dealership"...when I went to see my lawyer he said I should be able to get out of the loan and keep my car. I currently owe about $4500 (many a little more) on the car...I pay $125 every two weeks...the payment schedule is until March 2012. CRAZY RIGHT??? He told me to contact 722 redemption and when I did, they said they only do the program for people who has a 04' car and newer??? I called the lawyer office back and the paralagel left a message for my attorney to return my call...so I'm waiting...

So my question to anyone who is reading this is...what are my other options???

I need the vehicle to get back and forth from work and school...

Can I purchase another vehicle??? Do 722 give out new auto loans for people in the proces of filing bankruptcy??? I really need to have a more reliable vehicle...so I will return this car to the dealership I got it from...only if I can have another "lined up"...

Thanks in advance...

As Oregon allows an exemption of $3,000 on vehicles, if you file Chapter 7, there is a high chance that the trustee will sell off the vehicle to pay off your creditors. However, he will return the exempted amount to you after the vehicle is sold off. Now, it will be completely your discretion whether or not you will go ahead with the bankruptcy filing. If you have too much of unsecured debts, then Chapter 7 will help you in getting rid of those debts and you will be able to start afresh.

That information is incorrect. It does not matter what the make of the vehicle is. Wonder if you got hooked up with an imposter???

I am a bk attorney. I probably use 722 3-4 times a year. Their interest rate is 24%, but sometimes it is better to pay 24% on 5k than zero on 10k. They can be helpful for some clients who are way upside down on their cars.
I have never had a client purchase a car through them, though some have tried, so that may very well be a little rockier process.
Anyway, 722 Redemption is not crooked; they are legit and can be helpful.

Yes it is I work for a bankruptcy attorney and we use them all the time.

I completed my redemption with LEAP Auto Loans.
I tried 722 Redemption but they couldn't approve me. My lawyer recommended LEAP Auto Loans. I went to their website leapautoloans.com and submitted an app. My car payment went from $505 to $355. Boo-ya

Hi there, I'm a bankruptcy paralegal with 14 years of experience. We refer our clients to the website if they qualify. And yes they are a reputable company. But if you are going to go ahead with it you will need a bankruptcy attorney to file the Motion. It is not something that is automatic, the judge has to approve it.

Interesting. I called 722Redemtion a few months back to check on the date this "year" was ending. I was told to call USBank in June. I am also in the wrong state for USBank to accommodate a refinance. (Are you in Georgia, too? Hmm.) I asked that USBank speak to 722R about the discrepancy, but they stated that I would have to pursue it alone.
I am looking to see if there is anything that I received in writing from 722R with regards to the "miscommunication" we both experienced. I will post this if I do. Please post if you have anything in writing.
This may be sales misinformation - intentional or unintentional - but it has nothing to do with our being out of luck .... if we don't allow it to be. ;)

24% usbank 722 redemption rate is 24%

I just filed a chapter 7. i recieved a letter in the mail for 722 redemption. i was approved within 24 hrs. i make a little under 2000 dollars a month. 722 contacted their national dealer whom was suppose to locate a car for me. the dealer never located a car. They said $310.00 payment wasn't enough for the cars they had on their lot. These people are advertising that will replace or lower car payment. The interest those loans are 24%.. If 722 wants to help why dont they lower their interest so that u could qualify for majority of cars the dealers have. It is so weird that if they find a car it has to be viewed in a email. if a car does not fit your budget your are not allowed to look at the cars unless u can make up the difference to purchase. Its a big joke to me! U can't choose a car you like. or u may qualify for a loan can't buy the car becauseof the bank stipulations. i will find another way to build my credit. When something is to good to be true, blieve it! i could go on and on.

this company is awesome us bank denied me but they found another lender,knocked 500 of what i owed and dropped the payments 200 a month!!!!