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Buying a new truck pre-BK in Colorado, please help w/valuation/down payment questions

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    Buying a new truck pre-BK in Colorado, please help w/valuation/down payment questions

    New here and did some searching and couldn't get an exact answer to my question. Here in Colorado I think the exemption amount is $6,000. I saw something online that said $5,000 but my attorney said $6,000 so I think I trust his word more to be current.

    I'm looking at buying a brand new truck which I'm going to be able to buy below invoice. I know what you're saying... isn't that how you got into this mess to begin with? No, it isn't. I'm not trying to buy a $45k truck at full pop. MSRP on this truck is $33k and invoice is below $30k. There are $5,500 in cash incentives that I qualify for so the final price will be VERY affordable. What I'm wanting to know is exactly how valuation will go down. I want to put as much money down on this new truck to make getting financing easier (first time in my life my credit is an issue when applying for something... guess I have to get used to that) and to keep my monthly payment low. I read someplace that you can use KBB or NADA but there was some confusion as to if you used wholesale, private party or retail. Someone else also suggested taking it to local dealers to get buy quotes but since I don't have the truck that doesn't really help me right now. What can I use to get a value on it now so that I can put enough money down but not too much so that I exceed the $6,000 exemption?

    Sorry for the long winded post. Thanks for helping a n00b out.

    #2
    Use KBB, private pary value, and it is $5k equity per person in CO. Your attorney is wrong or you heard it wrong. Either way $5k
    Disclaimer: I am not an actor on TV, but I play a BK Paralegal in real life. Nothing I say should be construed as legal advice, or really anything but entertainment. Please seek out professional help.

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      #3
      Thank you.

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