Re: BK and car

Posted by Prune Man (65.161.188.11) on September 19, 2003 at 12:55:17:

In Reply to: BK and car posted by angie on September 19, 2003 at 11:22:27:

I think the key factor to help you here is "not running". Also, maybe you haven't really looked at every detail about your car...

Take these steps:
1. Find the blue/black book value of your car. Go to a dealer and get it in writing. Maybe a insurance guy can do his for you. Point out everything wrong with the car. You're not trying to boost the value. also, get the appraiser to write down the wholesale value (what a dealer would pay for it), not the Retail value (how much they "ask" for it).

2. Look in sales publications like the local newspaper and autotrader and find the lowest value of cars that are identical to your car but in good running order and appearance. Collect about ten or 12 of these ads and take the average price. This is considered "Fair Market Value" (Key term to remember). FMV is as valid as any "Book" value.

3. Average the book and the FMV. Or just take the smaller value.

4. Take your car to the Dealer that services your make (Dodge, Ford, Honda, etc.), and 1 or 2 other shops (maybe other dealerships). Ask them for estimates to repair EVERYTHING that is wrong with the car. Don't forget simple things like a set of tires could cost $400-500.

5. Subtract the amount necessary to repair the car from the FMV. This is what your car is really worth.

To take this to court you will need to document everything and provide the Actual ads you use to calculate FMV, Book value as appraised by a dealer, and the actual repair estimates that the repair shops give you.

Just because you owe 6K for a car doesn't mean it's really worth that much and retail value has nothing at all to do with it if the car has damage or mechanical problems.

As a commodity, a car is only worth what someone is willing to pay for it.

In any legal matter, the information you provide and how official it is will to carry a lot of weight. No one will dispute estimates from 3 independent mechanics or FMV based on Real vehicles for sale but don't expect that they'll take you on your word if there's a $4,000 difference between their value and yours and you haven't done your homework.

Hope this helps,

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