How would I determine the value of our vehicles? I've used both Kelly Blue Book AND Edmunds.com.... but each come up with different values (about $2k difference on one car). And do I use the "trade-in" value or "private party" value?
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It depends on the District/State bankruptcy Court. You might try 'googling' your city,state and add bankruptcy after that to find your District Website. It might state which is used.
I know our district uses the Nada.com Retail Value which sucks as nobody will pay retail value for a used car. I have 99 Toyota Sienna Van with a value of $5,2??.??. I'm hoping to be able to use part as Exempt Disability Aid as the back seats are gone & a remote controlled lift installed for my scooter.
If you have an Attorney, you could probably call his/her office and they would know the answer. -
NADA seems to be pretty out of touch, compared to Edmunds. So what would happen if someone said "OK, fine, you can have it."? At the auction it would bring nowhere near what the trustee claimed it would (per NADA). So could the owner then buy it back? If the owner wanted to buy it back before auction, would they have to pay the NADA value to get it? Could the value be disputed in court, if there were supporting appraisals? If the trustee is experienced, and probably a busy person, why would they waste time trying to get a value they know is not realistic?1/15/10 Filed ch7 2/18/10 314 meeting
2/22/10 Report of No Distribution
4/20/10 Discharged 5/20/10 Closed!Comment
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The real answer lies in what is called the Black Book. If you have a friend who is a car dealer or manager at a dealership ask him/her.
The Black Book lists actual auction values.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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