I just received the objection for redemption from the auto lender's lawyer saying the offer was too low. They went on used trade in price. I have a hard time getting ahold of my lawyer, so I'm asking... What next?
THanks.
THanks.
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keep trying to contact him.
start printing, collecting and searching everywhere for cars like yours everywhere. this will help your attorney.Im not an attorney or a trustee. You cant trust me either though!
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I thought the "used trade-in price" was the standard pre-10/17? Maybe they need you to simply justify the problems your specific vehicle is having or maybe you are saying that KBB is inaccurate based on what comparable vehicles in your area are selling for.Originally posted by kissrawks
FYI: I have read cases where GM objected to "used trade-in value" and felt it should be even higher - halfway between trade-in and private party. I can't remember who won.
For future reference what is "replacement value" post 10/17. Will private party value suffice? Or should it be halfway between private party and used retail. I suppose it really depends on the vehicle's condition but their must be a value that is "objection proof." Trouble is the more one values their vehicle and exempts it in their BK the more one has to pay to keep their vehicle if the Trustee is able to remove a vehicle exemption on a technicality such as the title not being in order.Last edited by bkinfoseeker; 01-08-2006, 08:40 AM.Comment
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When it comes to vehicle redemption value, there is negotiation involved. You offer, they counter offer, etc. I think if you can't work it out, it ultimately goes to the trustee to decide.
On the bright side, your attorney probably knows how your trustee/district is most likely to determine what the fair value is. I think it is only natural for the lender to want more...Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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That's good, I was concerned that it was a dead deal. They didn't counter offer in the objection. Is that a separate motion or do they just talk to the attorney. I'm not sure where the figure they sought came from, KBB trade in was about $2000 higher.Comment
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This is why attorneys tend to charge an extra $200-400 for doing a redemption. Its a little more involved than filing a few forms.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Try $600 for this bozo.Comment
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The attorney's fee for my redemption was included in the redemption loan. Hope everything works out for you.Discharged 2/27/06, closed 6/1/06
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Originally posted by kissrawks
Depending on thelawyer, they have a "Set fee" that covers the BK..Anything "Extra" gets charged...Extra....A normal billing time
which can be $100-$200 per hour...Comment
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Yes, the $600 is in the redemption loan. I got out of his staff that he's negotiating with the lender. I hope it goes well, too, thanks!Comment
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Don't worry you'll have a deal in no time. Stay on top of it. Keep us posted.Discharged 2/27/06, closed 6/1/06Comment
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