Which amount do i use

[alironz]

Attorney sent me forms to fill out before initial consult and one says to use NADA for value of car. When I do this it gives me rough trade-in, average trade-in, clean trade-in and clean retail prices. Which one would I use?

[kornellred]

Vehicles are always worth less than most people think. Do yourself a favor and underestimate the value of your vehicle. Your attorney will inform you if your estimation is unrealistic.

[UpsideDownMI]

It really depends on what the value is being used for. If its just for your schedules just about any reasonable value (included stated value) will do. If you are trying to do a cram down or have significant equity that greatly exceeds your exemptions you need to be more accurate in your valuation. In that case, I would use KBB or NADA private party value based on your vehicles current condition.

[alironz]

I have more equity in car than exemption. Car is paid for. Lawyer said to use NADA specifically. There is not a choice of private party - just what I posted in original post.

[keepinitreal]

I have more equity in car than exemption. Car is paid for. Lawyer said to use NADA specifically. There is not a choice of private party - just what I posted in original post.

According to the NOLO Chapter 7 book, "use the average retail price for your car (based on its mileage)".

[justbroke]

Unfortunately, this even varies based on what District you're in. Some Districts want Kelley Blue Book (KBB), and others want Black Book value. Then some want private-party and other Districts want clean retail. There's enough variation to drive a person mad!

In any event, I always use the average of KBB and Edmunds.COM using retail with the appropriate condition (poor, average, good, excellent). The Retail seems to generate the least amount of trouble (resistance), but I think you should account for tire condition, body condition, mileage (over 15,000/year), current engine issues, etc... to further reduce any "clean retail" price. I accounted for tires, engine, and scratches and dents in my valuation.

This is always going to be a touchy subject since valuation requirements differ amongst the Districts.