Value of vehicles

[TheKaister]

I am trying to figure out if I have any equity in my car.I am looking at KBB but i don't know if I am supposed to use the Trade-In Value , Private Party value or Retail Value. any idea?

[blessed]

I've heard all three, that's helpful huh!? Do you have equity if you use the lowest value?

[Dannmcg357]

My atty used NADA book, private party. I wished he would have used trade in, then I wouldn't have to buy back my wifes truck. But he knows what the trustee will accept, that is the key

[TheKaister]

If I use the Trade-In value I have about $1000 equity between all of them and it would be exempt. If I go by the Retail value its more like $5000 equity and it wouldn't be exempt any more.

[BobMango]

I used NADA trade-in and it was not problem. The difference for me was $19K trade-in vs $26K private party so that gave me room to use my wildcard exemptions on other things.

The bottom line is what the trustee will accept. Your attorney should be familiar with that so I'd generally take their advice. Our trustee did not ask which value we used, just where we got it. No objection

[coolmom04]

My attorney uses NADA and said that's the only thing the trustee will accept here, but the trustee also excepts the "rough trade in" value! Go figure.