I plan on paying the trustee for the value of my car, minus excemption. I checked out KBB and noticed a HUGE difference in the categories. Does anyone know if the car's value will be placed at: "trade in value", "private party value", or "suggest retail value?"
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Do some searching here as this topic has been discussed many times before.
Short answer: you want the auction value but the truth is that if you put down something reasonable the trustee is unlikely to challenge it.So the poor debtor, seeing naught around him
Yet feels the narrow limits that impound him
Grieves at his debt and studies to evade it
And finds at last he might as well have paid it. -
Carmax will typically pay you "Good Condition" Trade-in value at best. There are some exceptions and they typically follow KBB values.
If you go to any other car dealer for a quote, you are sure to get a much lower quote. If you go to a same manufacturer dealership and asked them for a trade-in value in writing, I would bet that would suffice as a reasonably close valuation as far as the trustee is concerned.
Maybe taking it through a few mud puddles and eating fast food in it for a week would help your cause as well before you get a quote.Comment
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KKB is usually higher than Edmunds, and I think is not used as much by people who actually are in that profession. It seems like banks use NADA when looking at loans, but it too is high. We used Edmunds, average condition, and the selling category. Our area supposedly likes KBB which was several thousand higher in our case (5k for my truck, 2k for wife's Explorer). We included the printouts in our filing and the trustee didn't say a word. We were worried since both were totally unsecured and AL has no vehicle exemptions.1/15/10 Filed ch7 2/18/10 314 meeting
2/22/10 Report of No Distribution
4/20/10 Discharged 5/20/10 Closed!Comment
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Thanks for the responses, everyone. -- I appreciate! KBB did seem pretty high, since their estimates were barely lower than what I purchased it for a year ago...either that, or I received an excellent deal on it. Like the ideas, also going to put some miles on it before the process! : ) Apparently, an appraiser meets with me and will provide his estimate to the courts in my area.Comment
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I wish you would post what KBB trade-in value is on your car based on the condition and what the appraiser gives you.
Will you post it when you find out?Comment
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