Does anyone know what car valuation Middle District FL uses?

[Ekop785]

And now you know why that particular Chapter 7 Trustee chose KBB private-party value! Because it is higher!

Bring it over to someone like CarMax and have them give you an offer. I don't know if that's good enough. You'd have to contact the Trustee assigned to your case if they'll except a CarMax offer. I think the CarMax offer is not a private-party value but rather a retail buy.

Exactly.

Anyways, the form states they won't accept Carmax or an appraisal that isn't certified. God only knows what that means, there are several types of "certified" auto appraisals. ASCAA seems legit (American Society of Certified Auto Appraisers).

http://www.flmb.uscourts.gov/procedures/documents/chapter7requirements.pdf?id=1

(see last box on page 2, vehicle section)

[justbroke]

From Florida Bankruptcy Court...

VALUES: KBB.com private party value will be used unless a written appraisal that provides the current retail value less the consumer’s retail cost of repairs is provided by a certified appraiser; if a dispute exists an appraisal must be done at your expense. Chapter 7 Trustees will not accept CarMax appraisals and any others from non-certified appraisers;

I learned something new today! They are getting serious with the valuations. If the cost to get it properly appraised is only $25 or so, then I would do it. Otherwise I'd try to find a way to deal with the non-exempt value. Some of the FL Middle District Trustees, I've heard, are very into sending things to auction. I only heard that anecdotally so take that with a grain of salt. So you either need to protect the equity or you need to get an appraisal to see if there is actually any equity that you can't protect.

[Ekop785]

A place I just called quoted me $ 250.00 (they are on the list of cert appraisers which is a pretty short list).

[flashoflight]

Doesn't the car need work? Alignment? Worn tires? Worn brakes? Dents in a quarter panel or two? Seems like an awful amount of work for both trustees and debtors without benefit to the estate.

[justbroke]

A place I just called quoted me $ 250.00 (they are on the list of cert appraisers which is a pretty short list).

Sheesh. I can get an entire 2,200 square foot house appraised for that price. That is CRAZY!

[Ekop785]

Doesn't the car need work? Alignment? Worn tires? Worn brakes? Dents in a quarter panel or two? Seems like an awful amount of work for both trustees and debtors without benefit to the estate.

Yeah, needs all of the above. I am not sure how much all that comes to, though, maybe a few hundred bucks?

[Ekop785]

Sheesh. I can get an entire 2,200 square foot house appraised for that price. That is CRAZY!

Agreed. My hope was to just get a list of repairs that the car needs, from my dealership. But I don't think trustee will accept that.

[shipo]

Yeah, needs all of the above. I am not sure how much all that comes to, though, maybe a few hundred bucks?

If your car needs all of that work, what condition did you tell KBB the car was in?

[shipo]

I just reran the KBB value for my car based upon a "Fair" condition of the car and it dropped my estimated value by over $3,000.

[Ekop785]

I took the KBB car condition quiz and it came back "good". I was hoping for "fair". I am just stunned that an old sedan could be worth what it says.

[flashoflight]

You should try to avoid spending $200 on the appraisal.

Give them the repair estimate from the dealership and put down KBB private party Good minus cost of mechanical repairs. Or use the "Fair" value with the repair quote attached. Hopefully the trustee will realize that there is no low hanging fruit here and move on. In my chapter 13, I gave them the body shop quote, the quote for fixing the collision sensors, used the KBB fair condition value and didn't hear peep afterwards.

[Ekop785]

You should try to avoid spending $200 on the appraisal.

Give them the repair estimate from the dealership and put down KBB private party Good minus cost of mechanical repairs. Or use the "Fair" value with the repair quote attached. Hopefully the trustee will realize that there is no low hanging fruit here and move on. In my chapter 13, I gave them the body shop quote, the quote for fixing the collision sensors, used the KBB fair condition value and didn't hear peep afterwards.

Sounds like a good plan....

[shipo]

You should try to avoid spending $200 on the appraisal.

Give them the repair estimate from the dealership and put down KBB private party Good minus cost of mechanical repairs. Or use the "Fair" value with the repair quote attached. Hopefully the trustee will realize that there is no low hanging fruit here and move on. In my chapter 13, I gave them the body shop quote, the quote for fixing the collision sensors, used the KBB fair condition value and didn't hear peep afterwards.

^^^THIS!

Use the "Fair" category; if the Trustee wants to argue, just stand your ground. You should be good to go.

[justbroke]

The worse case is that the Trustee disagrees with your value (and valuation method), and then you have to go get it appraised.

I did use Edmunds Private Party "good" and then named and subtracted issues (check engine light, new tires, dings and scratches) and claimed that it was "average" and not "good." If the Trustee had issues with that valuation I was ready to try to get it appraised.

[Ekop785]

I redid the KBB condition quiz and it came back "fair" (I noted everything that was applicable, even little things - dings, dents, minor electrical issues, etc.).

When submitting trustee docs, should I include the quiz with the valuation or just the valuation page?

Or alternatively, use Edmunds PPV clean (which is closest to what I had claimed as the value)?

[shipo]

I would keep the quiz in your back pocket, just submit the "fair" valuation as is and only wield the quiz if necessary.