Which Blue Book value to use fo redemtion?

[john_smith]

Do you use the trade in value, retail value, or private party value?

[Bandit]

Try using the private party from edmunds, that is what I used.

[tinfoilhat]

I answered this for you when you asked in another persons thread.
Heres the copy and paste from it.

Honestly it's whatever your trustee feels like using.

I've been told on here to use kbb retail, and kbb private sale, and kbb trade in, and all three averaged, and nada yellow, and nada black, and edmunds, and private appraisal, and carmax, and there were probably a few others.

A few attorneys told me a few different methods.

The attorney I'm using now told me I can value my car however I want to but the trustee can ignore it entirely and make me bring the car to his/her wholesaler to have them value it.

Makes perfect sense to me because the trustees wholesaler is the person who would be selling it and handing over the money to the trustee.

My attorney asked me what my vehicles are worth and I told him, he asked how I came up with the number and I said kbb trade in. He said the trustee might ask how I came up with the value also and suggested I simply say kelly blue book, nothing else unless asked to be specific.

[fyi2]

Retail

I think I mistakingly put trade in on my petition but when I just applied for the 722 they said we needed the Retail value
basically what the dealer might get if they were to get the car back and sell it

[tinfoilhat]

Retail

I think I mistakingly put trade in on my petition but when I just applied for the 722 they said we needed the Retail value
basically what the dealer might get if they were to get the car back and sell it

I disagree.

Look at everything else we value in a bk, it's all standard practice to put yardsale values on stuff.

Why would you put 'retail-reconditioned for highest profit' as a value for a vehicle.
KBB's definition:

Suggested Retail Value is representative of dealers' asking prices and is the starting point for negotiation between a consumer and a dealer. This Suggested Retail Value assumes that the vehicle has been fully reconditioned and has a clean title history. This value also takes into account the dealers' profit, costs for advertising, sales commissions and other costs of doing business. The final sale price will likely be less depending on the vehicle's actual condition, popularity, type of warranty offered and local market conditions.

[Bandit]

One thing for sure, you wont be getting retail value if you sell it or trade it and it wont matter if you own it or not. The trustee might have a dirty scam to get a few extra bucks that way and a used car salesman too.

[2manybills]

I'm wondering. We used low blue book or trade in for our truck. But we also have about $4500 left in our wildcard exemption. My husband is a motorcycle mechanic who has a lot of tools, so we wanted to leave a buffer just in case.

[Bandit]

The attorney I'm using now told me I can value my car however I want to but the trustee can ignore it entirely and make me bring the car to his/her wholesaler to have them value it.

Makes perfect sense to me because the trustees wholesaler is the person who would be selling it and handing over the money to the trustee.

I bet this would apply to antique cars, heavily modified cars and show cars where they may want you to get the car appraised like jewelry so they can make some money when they sell it. For example an old 70 Chevy Chevelle might appraise for $40,000 but they put down it is only worth 1,000 from the BB. Then I could see a problem. Yes we can talk about cars instead!

[tinfoilhat]

I bet this would apply to antique cars, heavily modified cars and show cars where they may want you to get the car appraised like jewelry so they can make some money when they sell it. For example an old 70 Chevy Chevelle might appraise for $40,000 but they put down it is only worth 1,000 from the BB. Then I could see a problem. Yes we can talk about cars instead!

Exactly, even though my car is a 2001 my attorney told me 'you and I know it's not going to be looked at like the typical toyota or honda'

What that means to everyone else is that a kia or something most likely belongs to a person driving it from point a to point b, it's four wheels and a seat.
Some other cars are subject to modifications that might double the value while the book reads the same.

More confusion in the how to value a vehicle debate.