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Leap Auto Loans

Bankruptcy, a huge factor in the recent recession, can seem like the end of the
world to a person, especially if it threatens to remove his or her means of transportation. Fortunately, LEAP Auto Loans has a solution for car
owners who file for Chapter seven bankruptcy and might face default or
repossession of their vehicle. Under Chapter seven, car owners may
choose between only three options: keep the truck or car by paying the
full principal balance, return the vehicle to the lender, or pay the
vehicle’s fair market value in a 722 redemption. LEAP Auto Loans can
assist borrowers with this third, little-known option that usually
results in better financial terms than the original agreement. Customers who file for Chapter seven do not usually have the cash on hand to
redeem their vehicle by paying fair market value for it, but LEAP Auto
Loans will do that on their behalf.

In a 722 redemption, the company purchases the vehicle from the lender,
which forestalls repossession and meets the terms of the original
contract from the lender’s perspective. Then, LEAP Auto Loans leases the car or truck back to the customer at a rate that meets his or her
current financial situation. This enables the borrower to retain his or
her means of transportation, which often proves crucial to maintaining
or finding employment, and launches the process of improving the credit
rating with installment payments. This remarkable financial innovation
dispels the antagonistic relationship that can develop between borrowers and lenders when the former run into trouble with their bills. Lenders
get the delinquent account off their books, pocket much of the loan’s
value, and lower their own risk in the long run. Sometimes the
borrowers’ financial state makes repaying the fair-market value of their vehicles utterly out of their range. In such cases, LEAP Auto Loans
will search for a replacement vehicle that features more suitable
leasing terms. By keeping a close watch on the market and helping
stressed buyers avoid repossession, LEAP Auto Loans satisfies all
parties, including customers, lenders, and its own investors.