EASTERN DISTRICT OF KENTUCKY

COVINGTON DIVISION

IN RE:

RAYMOND TURNER

JUDITH A. TURNER CASE NO. 95-21014

DEBTORS

OPINION AND ORDER

This matter is before the Court upon a motion filed by the debtors herein to redeem a 1990 Chevrolet Van from L & N Federal Credit Union. The motion was filed on February 23, 1996, and a response has been filed by L & N Federal Credit Union. The matter was heard before the Court on April 2, 1996 and the parties have each filed appraisals of the vehicle and stipulated in Court that the Court should decide the matter on the record.

The parties do not dispute that the appropriate standard for the Court to use in appraising the property is to determine the retail market value of the vehicle. The central dispute concerns the value of the vehicle.

The Court has before it, in the file, the affidavit of appraiser Vern Gilbert on behalf of the creditor L & N Federal Credit Union. Mr. Gilbert finds the value of the automobile to be $7,950 after deducting $125 apparently for needed repairs. For the debtors, an appraisal has been done by Assets Appraisal Service of Cincinnati, Ohio, listing the vehicle as having an estimated market value of $6,000. That appraisal notes several problems with the vehicle, including windshield leaks, radiator leaks, body damage, torn seats, cracked grill, worn tires and a broken air-conditioner. The Court notes that the debtors' appraisal does not indicate the name of the appraiser or qualifications of the appraiser.

The Court is faced with a choice between two appraisals: on the one hand, the creditor's appraiser clearly demonstrates qualifications for such appraisal work, but arguably, does not reduce the value of the vehicle enough because of needed repairs, and on the other hand, the debtors' appraisal appears to point out numerous problems but does not indicate the qualifications of the particular appraiser involved.

Based upon the foregoing, the Court finds the value of the aforesaid automobile to be $7,950. It is therefore,

ORDERED that the debtors may redeem the 1990 Chevrolet Van from creditor by payment to creditor of $7,950 within fifteen (15) days of the date of this Order.

Dated this _____ day of April, 1996.

BY THE COURT

____________________________

JUDGE

COPIES TO:

Brian E. Chapman, Esq.

Keith McMain, Esq.

U.S. Trustee

Charles L.J. Freihofer, Esq.