How do you value a car you own outright? Does an appraisal help? how did you do it?

[tinfoilhat]

I really need to keep my car because I use it to take my father to doctor visits, run errands, go grocery shopping, misc, etc, etc, etc.

I've asked before and everyone pretty much listed every way possible. The trustee is only going to use one source to determine the value.
My attorney, who I might walk away from, just used kbb trade in and everything made it through exemption by $100. Thats too close.

I'm wondering who else out there went through a chapter 7 and kept a car they own outright. Anyone?

I personally think it would be best to have a professional, certified appraisal service look at it, or carmax.

I found this finally, something to back up my judgement--a respectable site that recommends what I've been thinking all along. http://www.************************/...ue-my-vehicle/

[kvangild]

Kelly Blue Book usually works

http://www.kbb.com/

[ShorterSN]

KBB, while flawed and (IMO) no longer reflecting actual value these days, is what is widely accepted as gospel truth by courts. Choosing some other site, even if it is more accurate, likely won't jive in court.

That said, my attorney told me that if I had a receipt for it which was less, they could use that (for instance, bought for $1500 but KBB's for $2700). Also, you apparently can lower it to fair condition or even lower by describing problems (failing transmission, rebuilt title, body damage).

Maybe things are different where you are, but this was my experience We gave up my wife's car, so ended up applying the full $5000 allowance ($2500 per person) toward my car. However, had that not been the case, my lawyer assured me that I could still keep the vehicle, though it KBB'd around $2700 in good condition.

[kvangild]

KBB, while flawed and (IMO) no longer reflecting actual value these days, is what is widely accepted as gospel truth by courts. Choosing some other site, even if it is more accurate, likely won't jive in court.

That said, my attorney told me that if I had a receipt for it which was less, they could use that (for instance, bought for $1500 but KBB's for $2700). Also, you apparently can lower it to fair condition or even lower by describing problems (failing transmission, rebuilt title, body damage).

Maybe things are different where you are, but this was my experience

I agree, I was just implying it gives you a "rough" idea of the vehicles value.

[bk2009]

We had this same question earlier this week when we had a free consultation. We were told to run the KBB value for private party and for trade in and put it right in the middle of that amount. Unfortunately, that still leaves us over the exemption, even adding on a wild card we'd still be short.

[ShorterSN]

We had this same question earlier this week when we had a free consultation. We were told to run the KBB value for private party and for trade in and put it right in the middle of that amount. Unfortunately, that still leaves us over the exemption, even adding on a wild card we'd still be short.

IANAL! ...but at least according to mine, you could drop it even more if you described every single problem with it, downgrading it to "fair" or even "poor." Never mind if you can live with it; every ding, dent, issue, or problem can add up to change the classification of condition. Not saying it would save your particular situation, just passing on what we were told Read the KBB "fair" condition description sometime, most of the cars I've owned would fall better into that category than "good."

[bk2009]

Um, that was with putting it into fair, as that's really where it belongs.

[tinfoilhat]

I'm just thinking a written appraisal done by a company certified to do them, not joe the mechanic as someone sarcastically said the last time I asked a month ago.

I personally don't like the idea of verbally telling anyone it's in real bad shape, think about it, you're trying to lower it's value so you can keep it. You're obviously not going to talk it up and say it's got 28" rims yo, them alone worth five G!

Say for example the trustee took the car in a bk, what do they do with it, sell it quick and cheap, I guarantee at least a few go right to the local carmax.
So why not give them a heads up on what they're going to get for it?

Like I said before I have a car of the same make, model, color, a year newer, covered in my back yard not titled in my name and not being mentioned in my BK, it's a body with glass, I paid $300 for it. NOW if I listed it in my bk what would they do? Open KBB and say it's worth KBB value and they'd want it.

I say an appraisal is way more accurate than kbb or anything, kbb, nada, edmunds, etc, they're all numbers.

My only question is will anyone look at an appraisal if I get one or two.

And kbb, another tthing with that is what did your case use? trade in, private party, or retail?
My attorney used kbb trade in, so if I go to the 341 and the trustee uses anything other than kbb trade in I lose it.

[ShorterSN]

Um, that was with putting it into fair, as that's really where it belongs.

Ouch, sorry then. Annoying that they still use KBB... I find Edmunds to be more realistic.

[LuciluS]

I'm just thinking a written appraisal done by a company certified to do them, not joe the mechanic as someone sarcastically said the last time I asked a month ago.

I personally don't like the idea of verbally telling anyone it's in real bad shape, think about it, you're trying to lower it's value so you can keep it. You're obviously not going to talk it up and say it's got 28" rims yo, them alone worth five G!

Say for example the trustee took the car in a bk, what do they do with it, sell it quick and cheap, I guarantee at least a few go right to the local carmax.
So why not give them a heads up on what they're going to get for it?

Like I said before I have a car of the same make, model, color, a year newer, covered in my back yard not titled in my name and not being mentioned in my BK, it's a body with glass, I paid $300 for it. NOW if I listed it in my bk what would they do? Open KBB and say it's worth KBB value and they'd want it.

I say an appraisal is way more accurate than kbb or anything, kbb, nada, edmunds, etc, they're all numbers.

My only question is will anyone look at an appraisal if I get one or two. And kbb, another tthing with that is what did your case use? trade in, private party, or retail?
My attorney used kbb trade in, so if I go to the 341 and the trustee uses anything other than kbb trade in I lose it.

In the Eastern District of AR value of car is based on NADA Retail Value which sucks.

Tinfoilhat:

Yes, if needed, the US Trustee will accept a Well-Known Written Value of your Car. We live in a small town and there is a Mechanic Shop about 1/2 mile from the house. I do Not believe a written value would be accepted by the Trustee from the small town mechanic shop.

It needs to be a Dealership or someone, like CarMart or CarMax (I forgot which name is correct.)

Have you looked at the Nada.com and kbb.com retail value? Is either close to the Value your Attorney used? I know you've spent a lot of money on Attornies and don't like to see you have to spend money you don't need to.

Have you 'googled' your city,state & added bankruptcy to the end of it? Usually this will show your Court's website & lots of good info is found there.

Luciof your vehicles.

[tinfoilhat]

In the Eastern District of AR value of car is based on NADA Retail Value which sucks.

Tinfoilhat:

Yes, if needed, the US Trustee will accept a Well-Known Written Value of your Car. We live in a small town and there is a Mechanic Shop about 1/2 mile from the house. I do Not believe a written value would be accepted by the Trustee from the small town mechanic shop.

It needs to be a Dealership or someone, like CarMart or CarMax (I forgot which name is correct.)

Have you looked at the Nada.com and kbb.com retail value? Is either close to the Value your Attorney used? I know you've spent a lot of money on Attornies and don't like to see you have to spend money you don't need to.

Have you 'googled' your city,state & added bankruptcy to the end of it? Usually this will show your Court's website & lots of good info is found there.

Luciof your vehicles.

Well yes, I've asked this previously. I can't find it on my local districts website or anywhere else on google.
The attorney working with me now used kbb trade in value and it comes in just by $100 so if the trustee uses anything else the car is not going to be exempt. kbb trade in the way they did it, not entering options or anything is the cheapest one I've seen.
Even if the trustee uses the kbb retail I lose it.

And I want to make this clear, because I've read it in a sticky here and on other websites--I'm not just stubborn about losing property, I need it to take my father to his appointments, run errands, etc. I can't lose it. I bought it for $2000 with no engine or transmission and fixed it up to where no one can even tell it was once in a run down state People mention this too--just let it go and buy a cheap car that needs work that will get you from point a to point b. Well this is the car. I have about $4000 into it and book value, kbb trade in, is $4100, my truck comes in at $800 and I have a $5000 exemption.

Thats too close.

[bk2009]

If you have a truck, why do you *need* a car? That's probably the angle the trustee would use.

[optimistic1]

dealerships will give you black book value, which is a auction value, I wish I could use black book, as it is the lowest of low ball offers.

[tinfoilhat]

If you have a truck, why do you *need* a car? That's probably the angle the trustee would use.

Well my angle would be that at 240,000 miles I can't afford a break down while taking my father to a dr appt, he's on oxygen 24/7. We break down in +90 weather it's a medical emergency. That and getting 8 mpg isn't financially smart is it?
Why don't I sell it? For the same reasons I just noted above. 8mpg is not a good selling point. It's a dually if anyone knows what that is, it's common knowledge when people see the truck, they know it's a gas hog.

[tinfoilhat]

In the Eastern District of AR value of car is based on NADA Retail Value which sucks.

Ok, thats very good info. Can I ask you how you found this out so I can find out what my district uses.