Vehicles Paid for But Equity May Be More Than Exemption

[Optimistic09]

We have two vehicles 1997 car and 1998 truck. The car is paid for and the truck has one more payment and it is paid. If the equity is over the exemption will we be able to keep the vehicles.

I have looked on NADA and Kelly Blue Book and the car could be just over the exemption or more depending on what value is used. The Retail price lists car as Excellent and should be Good which would bring down the price. With Private Value we would be at the exemption allowed.

If the vehicles are valued at the higher price what are the odds of keeping them if they are $800 - $1500 over the exemption.

[novayalife]

I would say good odds with anything under 1000 over exemption. My attorney told us that the trustee would not take anything unless it was a for sure quick profit. There is always room for either underestimating or overestimating vehicle resale value. Good luck!

[novayalife]

One more note........if the trustee states I want $1000 from this car you could always negotiate and give him/her $500

[Florida30]

I spoke with two attorneys about a 2001 (over 130k miles) model and both immediately told me that the trustee wouldn't be interested in them and just get an independent appraisal that says it is less than the exemption. Specifically they said the trustees use NADA values but recent resale values have been lowered cus of the economy and most trustees will understand that.

The years you stated are older than my car so I coudnt imagine they would be worth that much unless very low mileage and very high end.

[Chowder]

If a trustee were to sell the asset, what becomes of the exempted amount?