How do you arrive at the valuation for your automobile?

[jetsfan2010]

question -

When the courts attempt to come up with a value for your car, what do they use? My attorney said he generally uses Nada Book and the actual clean retail value of the car, as that is the value the lienholder would state the car is worth to them.

Is this true?

[sunshinepa]

Trsutees in my area require the value to be NADA. I believe each state has it's own version of what is acceptabe from what I've seen posted. If your attorney says NADA, he should know.

[jetsfan2010]

I am clear on the nada part, just not clear if they use the "clean retail" value or the trade in value.

about a 4k difference for my car in question

[sunshinepa]

Well, is your car clean retail value? Or, are there small dings, any interior issues and/or engine issues? My car had a few parking lot dents/scratches, my attorney actually put that on my petition.

Also, do you have any exemption to cover the additional value?

[Bell30656]

Autotrader.com will give you a trade in value of the car. In addition, you could swing by a Carmax who will also give you a value of the car. No car is in excellent condition unless it just left the showroom. This is not the time to think you've got a pristine version of a collectors item but rather a diamond in the rough.

[daylate]

I like the Carmax option-it is a written offer of what they would pay for your car. Seems to me to be much more accurate than a number in a book.

[AngelinaCat]

We were told, in addition to getting the KBB price, to go to a car dealership and get a written quote of what the car is worth if you were going to use it as a 'trade-in'. That way the person giving the quote would be valuing YOUR car with it's unique set of dings and scratches.

[jetsfan2010]

thanks for the info and I didnt think about the carmax option. reason for doing this is in my conversion to a 7, I am trying to get a true value of my car. I owe about 20k on it and in great condition right now its worth 13, however a few engine/transmission issues would drop that surely around 10.

Ive already replaced that vehicle with more reliable transportation.

[Bell30656]

Autotrader.com will give you an evaluation with offer to buy just by answering some questions on the web. Then if you wanted to sell it for that you take it to one of the dealers listed. I was skeptical but I recently got a $13,227 value on my 2002 Ford Thunderbird... A car that I hated to get rid of but never drove. When I took it in to trade, they paid me exactly what was on the autotrader quote! And this was after I made my deal on the new car. (A Prius, what a step backward in coolness.)

[jetsfan2010]

Thanks Bell for the input!

[jetsfan2010]

I just filled in the info and it said it will send me an email with the offer.

[BROKEDED]

My attorney stated NADA retail. I questioned this as a repo'd car is going to auction, not Carmax (where they generally use Kelly) or directly to a dealership somewhere. My paralegal said I would be fine to find the trade-in value and condition in NADA and Kelly Blue Book and average the two together. I did and it was never questioned and I had a considerable amount of equity in my vehicle to cover. Luckily, my wife's vehicle was slightly upside down. Since we had both signed on each others vehicles, I used my vehicle exemption and she was able to use her full exemption on my vehicle and we were able to use part of my wildcard exemption to cover the rest.

[Bkassets]

As an auctioneer, we average the NADA and the KBB together for vehicles.

[jetsfan2010]

thanks for the info - when I average mine I am right around 10k, and I owe 20k on it. looks like the keys will be going back