Motion to value question

[amjo30]

I just found out today that my auto finance company filed an objection on the value of the car. However, within the objection it states that debtor failed to file a motion to value. Is this something that should have been filed with the petition or does my attorney still have time to submit this motion. I tried to call the office but it was closed for the day. Also, I just wanted a little insight before I call. The auto company submited the NADA clean retail value. I told my attorney office that the car has had body work so how can they try to get clean retail value. So I am a little confused about what should happen next. Any suggestions, I appreciate it. thanks again

[StartingOver08]

You need to get an independent appraisal of the car.

[HHM]

Are you trying for a cram down?

If yes, some districts require a Motion, other's don't. In those districts that don't require a motion, the burden is on the creditor to file an objection, which has happened in this case.

If you are not trying for a cram down, then the value of the vehicle is largely irrelevant.

[optimistic1]

I just found out today that my auto finance company filed an objection on the value of the car.

Amjo, do you mind telling us which bank is the creditor? And where do you live?

[amjo30]

Amjo, do you mind telling us which bank is the creditor? And where do you live?

The auto loan is with Chase auto and I am in Florida northern bankruptcy district. I am trying to cram down. I currently owe 22,183 and I proposed the KBB value of 13,000. The objection also stated we failed to file a motion of value and proposed for us to pay the total secured value. This was just filed today, so do you have any idea if it can still be filed?

[optimistic1]

I dont see why not, it appears as if they have already done it for you, correct? Make sure you point out everything wrong with the vehicle when you have it appraised, and dont wash it or clean the interior. Let your kids take a hammer to it, lets see how long the "clean retail value" holds.

[amjo30]

I dont see why not, it appears as if they have already done it for you, correct? Make sure you point out everything wrong with the vehicle when you have it appraised, and dont wash it or clean the interior. Let your kids take a hammer to it, lets see how long the "clean retail value" holds.

I looked at the objection again and it states that we proposed $11,844 and the clean retail value is 13,775. The car has had body work done because a teenager ran into the back of us 2 years ago. Also, the car has almost 38,000 miles. So, any ideas how much auto appraisals cost? I don't know what price range would be a good one. Do I go back to the dealer?

[optimistic1]

Dealers often use what is known as "black book" value, which is basically an auto auction value. I dont think you can use that, it is usually very low.

Your attorney or trustee should know who to use to do the appraisal. Try them first.