Lynette Brooks

IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF MARYLAND
at Greenbelt
In Re: 	Case No. 06-15078PM
Lynette Brooks, 	Chapter 7
Debtor.
Lynette Brooks,
Movant,
v.
CitiFinancial Auto Corporation,
Respondent.
MEMORANDUM OF DECISION
This case came before the court for hearing on October 17, 2006, on the debtor's motion to
redeem her 2006 Hyundai Sonata from the lien securing CitiFinancial Auto Corporation. Although
the respondent was properly served with the motion and notice of the hearing, no response was
filed. The motion was treated as unopposed.
In preparing for the motion, the court found various sources indicating a higher valuation
than submitted by the debtor that was created by 722 Redemption Funding, Inc., a subsidiary of the
redemption lender, U.S. Bank. That valuation is based upon an unnamed dealer's advertisement,
and assumes "fair" condition for this 2006 motor vehicle with mileage of 11,100. While the loan
used to facilitate the redemption carries an interest rate of 24%, because of the reduction in the
amount of the allowed secured claim, the debtor finishes ahead, and the debtor's lawyer earns a
$500.00 fee paid by the new lender. The court assumes that the fee is included in the new loan
amount. Whether the debtor's valuation based upon the filed documents could withstand attack by a
Date signed October 17, 2006
Entered: October 18, 2006 Case 06-15078 Doc 20 Filed 10/18/06 Page 1 of 2

lien holder is a question that would be resolved by a contested motion; here, however, there is no
opposition.
An appropriate order will be entered.
Lynette Brooks
1315 Belle Haven Drive
Landover, MD 20785
David I. Steinberg
8630 Fenton Street
Ste. 320
Silver Spring, MD 20910
Scott D. Field
11921 Rockville Pike, 3rd Floor
Rockville, MD 20852-2743
CitiFinancial Auto Corporation
P.O. Box 183036
Columbus, OH 43218
722 Redemption Funding, Inc.
7901 Vine Street, Suite 200
Cincinnati, OH 45216
CitiFinancial Auto Corporation
c/o The Corporation Trust, Inc.
300 E. Lombard Street
Baltimore, MD 21202
End of Order
Case 06-15078 Doc 20 Filed 10/18/06 Page 2 of 2