The objecting lienholder points out that the debtors purchased the vehicle on April 30, 1996, 72 days prior to the filing of the bankruptcy and the purchase price was $27,017. The matter came on for hearing on March 12, 1997 and the parties agreed to submit the matter to the Court on affidavits of their appraisers. Subsequent to that time, counsel for Olympic Financial Ltd. has submitted the appraisal of Chris Lee, collection supervisor for Arcadia Financial. Also attached is the appraisal by Queen City Auto Auction, Inc. relied upon by the debtors. The submission of that appraisal has been acquiesced in by debtors= counsel in their notice of May 5, 1997.

The creditor relies upon the NADA book value of the vehicle since, according to the affidavit of the appraiser, the debtors refused to respond to requests to allow an inspection of the vehicle. The debtors= appraisal indicates that the vehicle is in average condition. The vehicle apparently has low mileage of about 12,000 miles on the odometer. No substantial problems or damage to the vehicle are noted in either appraisal.

Based upon review of the appraisals, the Court finds that the appraisal of the creditor in the amount of $18,022.50 most accurately reflects the value of the vehicle in question. The vehicle is, at this point, two model years old, but has only been used for approximately 12 months. The value proposed by the debtors would mean that the car has lost something approaching one-half of its value in one year=s use. This does not seem realistic and will not be accepted.