How is Vehicle Value Calculated?

[ERue]

Is it based on the trade in value or the private party value? Our SUV that we own is under the exemption amount for the trade in but not for the private party, so I was just wondering.

[Flamingo]

Depends on what is used for your district...ours were valued at Blue Book value.

[ERue]

I calculated on KBB, but it was obviously different for trade in and private value.

[AngelinaCatHub]

I calculated on KBB, but it was obviously different for trade in and private value.

KBB is usually the gold standard. There are three prices and you can go online and see. Also it depends in the shape it is in. Tires, paint, past history, general condition. To devalue the car, give the kids a hammer, THAT will reduce the value. LOL 'Hub

[housepoor]

Our paperwork says to use the private party amount.

[PoorGrammyinBK7]

We looked ours up on KBB, Edmunds and NADA and I think we took the Edmunds private party. But I don't think we could even sell them for the trade values, being that they are both gas guzzlers. We had tried, several months before we even knew we would be filing, to sell one - because we didn't need it - and no luck at all.

[Willy13]

The problem with KBB is there is Trade in Value, Private party Value, and Retail. Under Trade In and Private you have condition states like Fair, Good, and Excellant. I guess it really depends on your district which you use because some people say they had to use Retail, some used Private, and some used Trade in. Big difference in values between those.

[katie]

Our attorney used KBB "Fair" Values for Private Party. We used "Good" when I was gathering my information together to take to them, because they are both 2007 models. They said they always use "Fair". We are upside down either way because they are so new.

[jeb]

In this market, how does KBB values hold up?

They don't seem to be much different that what I saw a year ago when I pulled it up for my car?

The value they are placing just doesn't seem realistic. Used cars are selling at much less than the prices asked for them - the KBB value - and, at auction, are much less for the same vehicle. - jb

[Willy13]

Our attorney used KBB "Fair" Values for Private Party. We used "Good" when I was gathering my information together to take to them, because they are both 2007 models. They said they always use "Fair". We are upside down either way because they are so new.

I hope thats how it will be in my case. There was a person in Florida on here that they tried to stick with Retail I think. I guess it depends on how big an A** your trustee wants to be.

[santadawg]

I agree Jeb

[StartingOver08]

I hope thats how it will be in my case. There was a person in Florida on here that they tried to stick with Retail I think. I guess it depends on how big an A** your trustee wants to be.

That was me...turns out that they make us use NADA RETAIL value - no matter the conditon. I suppose you could just argue the condition with the court if you were going to keep the car...I just surrendered that car, it was upside down by ALL the various values!

[Willy13]

That was me...turns out that they make us use NADA RETAIL value - no matter the conditon. I suppose you could just argue the condition with the court if you were going to keep the car...I just surrendered that car, it was upside down by ALL the various values!

I was wondering when determining the value, does it make any difference if you own a car outright as opposed to still making payments on it? If there is a situation where you may need to reaffirm a loan, I could then see where they may want to use retail so the loan company doesn't lose money. Don't know if thsat makes any sense because I don't know how they could try and claim retail on most used cars a few years old.

[StartingOver08]

I think they make us use the retail value on the vehicles because here we only have $1000 vehicle exemption - so if you own your car outright, you would have to 'buy back' your own vehicle from the Trustee for any value over the exemption amount.

BTW, it was our TRUSTEE that said it is retail value. Of course its to the Trustee's benefit to make it retail.

[Willy13]

I think they make us use the retail value on the vehicles because here we only have $1000 vehicle exemption - so if you own your car outright, you would have to 'buy back' your own vehicle from the Trustee for any value over the exemption amount.

Wow that was a fast reply

OK I see what you are saying.