Trustee wants my vehicle appraised

[MikeyG123]

Hi Everyone,

I had my 341 meeting yesterday, and it was not as stressful as I had thought it was going to be. Everything went well, but the trustee told me that I need to take the vehicle to the local dealership for an appraisal. Has anyone here done this before, and if so, do the dealers charge a fee for appraisals?

Thanks for any help that you can offer.

[JJ888]

Thats weird. I just went to NADA and KBB and got my car value.

[Faust]

What kind of car is it?

[MikeyG123]

It's a 2003 Ford Expedition that I own free and clear. I was told to bring it to the Ford dealer for an appraisal. The value that I placed on the vehicle was from KBB, and I think might be more than what the dealer will value it at. So the appraisal will probably actually help me.

[ApresMoi]

Hi Everyone,

I had my 341 meeting yesterday, and it was not as stressful as I had thought it was going to be. Everything went well, but the trustee told me that I need to take the vehicle to the local dealership for an appraisal. Has anyone here done this before, and if so, do the dealers charge a fee for appraisals?

Thanks for any help that you can offer.

What state are you in? I was told to get KBB 'trade in' value.

[MikeyG123]

I'm in Florida and used the KBB value, but the Trustee specifically asked for me to take it to the dealership.

[StartingOver08]

Probably because we are only allowed $1000 in vehicle equity in FL (Motor vehicle to $1,000 Fla. Stat. Ann. � 222.25)

Do you happen to be in the Middle District of Fl (BK district)?

See this link to verify FL auto exemptions http://www.legalconsumer.com/bankrup...ee%2C+FL#other

[OhioFiler]

Asking a dealer to appraise your vehicle is a rather ambiguous demand. Does he want retail, trade-in, wholesale, auction? I would certainly ask the dealer to appraise it at your most favorable method.

[momisery]

Our trustee sent us to his own appraiser. The value was fair. I would try a car auction if they will let you, they should be able to appraise it for you.

[Dst1]

Asking a dealer to appraise your vehicle is a rather ambiguous demand. Does he want retail, trade-in, wholesale, auction? I would certainly ask the dealer to appraise it at your most favorable method.

Exactly.

There is not necessarily anything nefarious going on here. Given the recent market shifts anyone who uses KBB or some such guide for a car appraisal needs to have their head examined. Those numbers can be off by 100% or more.

In my extensive experience the people that have the closest values to true market is Galves. (http://www.galves.com/). I would call around and ask for a dealer that uses their values.

You want the auction value. This is the value that will accrue to the BK estate.

[BKDefender]

Only $1,000 in equity? That's horrible. We get $15k in equity per filer in Nevada and a $550k home equity exemption. I guess Florida gets unlimited home equity though, but still, $1k is nothing.

I'm in discussions with a local mechanic shop to provide me with fixed fee mechanical appraisals for vehicles. My idea is that if I get a vehicle appraisal from the dealer I can then have the mechanic provide me with details as to what is mechanically wrong, unsafe, and needs to be fixed before it can be sold without potential liability. Then I'd offset that from the dealer appraisal to come to a final value.
I haven't had to do that yet since most of my client's don't have $15k equity in their car(s) yet.

--William

[BCA2009]

I would go to the used car manager at the dealership an ask him what he would give me for it. That would the true price. They will buy it from you for a price low enough that they can take it to the auction and make a few hundred dollars.

I know this is not what the trustee is looking for, but if the dealer is not willing to buy it for the price he quotes you, then it's obviously no the fair market value of the car.

[gamecockfan]

I get my car appraised every year because we have property taxes on vehicles and the county always appraises the value high.

They don't charge for it and it takes about 5 minutes. It is typically done by the used car manager.

[BKInLA]

Do you have a Carmax out there? We just sold them one of our cars and they appraised the second car (all for free). I'm keeping the written certificate to show the value when I go to file. It's updside down anyway so I guess it might not matter.

[optimistic1]

I'm in discussions with a local mechanic shop to provide me with fixed fee mechanical appraisals for vehicles. My idea is that if I get a vehicle appraisal from the dealer I can then have the mechanic provide me with details as to what is mechanically wrong, unsafe, and needs to be fixed before it can be sold without potential liability. Then I'd offset that from the dealer appraisal to come to a final value.

Brilliant,

I wish I lived in NV I would hire you, you are really looking out for the consumer and taking those extra steps. That has inspired me do the same upon valuing my car in my 13, I will have to share that with my eventual counsel.