Looks like we qualify to "cram down" my husband's vehicle. Here the catch, it's not running and needs a new engine. How does that come into play when finding the value? We owe about $3K on it. Blue book in "fair" condition is $2299. Can we still keep it even if we do the "cram down"....that is such a funny term. I feel weird saying it..."cram down"...lol
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I would instead have it appraised, this is what KBB.COM recommends if the vehicle is in poor condition, dont go with the fair value, because its not running.
Read here, copy and pasted from KBB.COM
Kelley Blue Book does not attempt to report a value on a "poor" vehicle because the value of these vehicles varies greatly. A vehicle in poor condition may require an independent appraisal to determine its value.
Might be safe to say that it is worth 2299 minus the repair estimates, with it being a new engine.
Are you certain that is what is wrong with it is my first question?
Second, if it is in fact the engine, then the value might be somewhere between $750 to $1500, just a guess though.Comment
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Ok, well first it was that it had blown a head gasket. Then our mechanic(who we totally trust and have been going to for years) get n there and says it definately needs a new engine. He even offered to buy it from us. But, that's not gonna happen. It's literally un-drivable(is that even a word) So, Im guessing more like $2K worth of repairs. So what, we cram down a grand? I will ask the attorney Im meeting with tomorrow....Comment
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