Vehicle Question

[Look@thisGuy]

Can I keep my car?

Payoff @ time of filing will be 4600...retail at that time will be 9000. Without including 900 in bodywork that needs to be done.

Do they use retail or fast sell prices? Such as auction prices....trade in values.


Hello

just found this site through CB

[Look@thisGuy]

i live in OHIO

[SinkingFast]

Different Courts,.......... Even different attnys use different values systems.

Some go NADA. Some go KBB. Some use Dealer Wholesale. Some use Private Party Retail.

Our attny used Edmunds because Edmunds lets you figure in more variables. We had/have older cars so our attny considered the conditions to be Fair. Then our attny averaged the wholesale/trade in, private party, and dealer retail prices. That's the number he submitted on our petition for each vehicle.

Ohio only has a $1K motor vehicle Exemption. Plus, there's a $400 WildCard that can be applied to any asset.

http://www.bankruptcyinformation.com/OH_exemp.htm

Definitely document the repairs needed. Take the car to several body shops. Act like you're gonna get it fixed and get several estimates. Needed repairs do factor into the value of a vehicle. We dinged the value of one of ours by half due to repairs that were needed.

As far as will you loose your car,............ That's a question best asked of attnys in your area. They'll know better than we will how the Trustees in your Court deal with excess/non Exempt assets.

Many Trustees will simply negotiate a Settlement with the Debtor/Filer rather than seize the property. It's faster, easier, and cheaper for the Trustee.

[marzipan13]

i think you're supposed to list the retail value on the schedule, that's what i did.... the market value of your car.
when the auto loan bank filed motion to lift stay to repo my car, they quoted the private sale price... which is $4000 less than the retail!!! lol

go to nada.com or kbb.com to see what the different values are for your car.
if the bank is going to list the private sale price, there shouldnt be a problem.... since if you tried to sell your car now, you wouldn't be able to get full retail value... what dealership is going to buy a car at that price??

[Look@thisGuy]

i think you're supposed to list the retail value on the schedule, that's what i did.... the market value of your car.
when the auto loan bank filed motion to lift stay to repo my car, they quoted the private sale price... which is $4000 less than the retail!!! lol

go to nada.com or kbb.com to see what the different values are for your car.
if the bank is going to list the private sale price, there shouldnt be a problem.... since if you tried to sell your car now, you wouldn't be able to get full retail value... what dealership is going to buy a car at that price??

i got a buddy that is the used car manager at a honda dealership. gonna see what he says