How is Vehicle Value Calculated?

[optimistic1]

My attorney told me that the lender gets involved somehow, but for the most part he told me it is Private Party Value, and I personally would just give it Fair condition if it is 4 years old, or older.

[Willy13]

So when the Trustee sticks you with Retail but lets say he doesn't sell the car for that. Say your exemption is $6000 and you give the trustee a value of $6000 for your car. The Trustee says it is worth $10000 retail. You refuse to buy it back for $4000 and tell him to keep it. Now lets say the trustee sells the car but only get $5000 at auction. Does the Trustee only pay you $5000 or is he still obligated to give you the full $6000?

[StartingOver08]

Good question! I don't know. Since our exemption is so low our only real choices are reaffirm, surrender or redeem.....Maybe someone here has had your experience.

[Willy13]

Good responses! Thanks for all the replies. I have a co-owner on my car also. I don't want them to get screwed on the value of their half the car. I think with the $6000 wild card in my state, I should be ok with the car. The big variable is the how they will value my other property and how that will eat up my other exemptions. Thanks again

[ERue]

Our truck is a 2001 Ford Escape...I doubt highly that it's really worth as much as what KBB is saying that it is.
It would suck if they made us buy it back because we didn't actually buy it! It was our Christmas present for the last two years from my ILs.