Vehicle appraisal for financing and collateral
A financing or collateral appraisal is $179 plus tax. It is written to the value definition your lender actually asks for, and released to them directly if you consent on the form, so the file does not bounce back for using the wrong basis.
Price and scope
| Financing and collateral vehicle appraisal | $179.00 plus 5% GST and 7% PST |
|---|---|
| Rush handling, optional | $50.00 plus 5% GST and 7% PST |
| Turnaround | Scoped on receipt. Most lender files are returned within two business days of acceptance. |
| How it is prepared | Remotely, from photographs and documents. No physical inspection. |
| Area served | All of British Columbia |
Which value definition does your lender want?
Ask them before you order, because it changes the number. Lenders variously ask for fair market value, orderly liquidation value, forced liquidation value or wholesale value, and those are different figures for the same vehicle. The form asks which one, and the report states the definition it used so nobody has to infer it.
Can the report go straight to the lender?
Yes, if you consent on the form. Give the lender name and contact and we will send it to them as well as to you. Without that consent the report goes only to you, because it is your information.
Does an appraisal mean the loan is approved?
No. It is evidence about the asset. Whether to lend, and how much against it, is entirely the lender’s decision and nothing in the report speaks to it.
What you need to supply
Photographs of the vehicle, and the documents below. If you cannot photograph the vehicle, say so on the form and supply substitute evidence instead. A report that rests on the wrong car is worth less than no report.
Photographs
- VIN plate
- Odometer with the VIN in the same frame
- Front three quarter and rear three quarter
- Both sides
- Interior, front and rear
- Engine bay
- All four tires, showing tread
- Any damage
Documents
- Registration
- Loan or lease documents, if any
If the vehicle cannot be photographed
- Prior photographs or video, with dates
- A vehicle history report
- Service records
- A prior appraisal or insurance documents
- Registration
- Prior listings
- Bill of sale or auction record
- Claims history
- A written statement of who observed the vehicle and when
How this appraisal is prepared
This is a remote, desktop appraisal. No physical inspection is performed. The opinion of value is developed from photographs, documents, vehicle history data, market comparables and the information you provide. Its accuracy depends on the completeness and truthfulness of the materials supplied.
This report is an opinion of value prepared for the lender and purpose stated on the form. It is not a commitment to lend, not a credit assessment, and not a mechanical inspection.
IC Appraisal BC is an independent appraiser and is not affiliated with any institute or regulator, with ICBC, or with the BC Ministry of Finance.
No refund or settlement guarantee attaches to this service.
Financing and collateral vehicle appraisal FAQ
What effective date is used?
Today, unless your lender requires a specific date. Put the date on the form if they do.
Will my lender accept it?
Lenders set their own requirements and we cannot guarantee any particular one accepts any particular report. What we can do is write it to the definition they ask for, which is the usual reason a report gets rejected.
Key facts, sources and verification
- Form
- FIN 320, Motor Vehicle Appraisal Form
- Governing legislation
- Provincial Sales Tax Act (British Columbia)
- Value reported
- Expected retail value on a private sale. The form states the appraised value is not a trade in figure.
- Valuation source
- Canadian Black Book
- Who may complete it
- A registered motor dealer, an equivalent business in another jurisdiction, or a person whose business it is to appraise motor vehicles
- Area served
- All of British Columbia, handled remotely
- Provider
- IC Appraisal BC
- Service
- Financing and collateral vehicle appraisal
- Price
- $179.00 plus 5% GST and 7% PST
- Rush handling
- Optional, $50.00 plus tax
- Inspection type
- Remote. No physical inspection is performed, and the report states this.
Quick answers
- Who is allowed to complete a FIN-320 in British Columbia?
- The FIN 320 form states it must be completed by a motor dealer registered under the BC Motor Dealer Act, a person authorized to carry on a similar business in another jurisdiction, or "a person whose business it is to appraise motor vehicles." Bulletin PST 308 repeats the same requirement. IC Appraisal BC qualifies under the third category, and the appraiser signs the Part 5 certification on every form.
- How does BC decide how much PST you pay on a private vehicle sale?
- PST is charged on the greater of the purchase price or the average wholesale value, which Bulletin PST 308 defines as the Canadian Black Book value. If you believe the vehicle is worth less than that, you may provide a completed FIN 320. The bulletin then says that where the appraised value and the purchase price are both below the average wholesale value, PST is calculated on the greater of the appraised value and the purchase price.
- What value does a FIN-320 actually report?
- Retail value, not a trade in figure. The form itself carries the note that the appraised value "is NOT intended to be trade-in value but represents the expected retail value when a motor vehicle is sold privately." This is the single most common misunderstanding, and quoting a trade-in figure on a FIN 320 is a defect in the form.
- What is the difference between a FIN-320 and a FIN-355MV?
- The FIN 320 is the appraisal; the FIN 355/MV is the refund application. You present a FIN 320 when you register the vehicle to have PST charged on the appraised value in the first place. If PST has already been paid, the FIN 320 instead becomes an attachment to a FIN 355/MV refund claim, which the Ministry of Finance must receive within 30 days of the registration date.
- Can the seller get the appraisal, or does it have to be the buyer?
- Either. Bulletin PST 308 states that appraisals "may be obtained by the purchaser or seller of the motor vehicle." In practice the buyer usually orders it, because the buyer is the one paying the PST.
Sources
The statements above are drawn from the following primary documents. Each was checked against the source on the verification date below.
- FIN 320, Motor Vehicle Appraisal Form (BC Ministry of Finance)
- Bulletin PST 308, PST on Vehicles (BC Ministry of Finance)
- Notice 2022-005, PST on Motor Vehicles Purchased at Private Sales or Imported from Outside Canada
- FIN 355/MV, Application for Refund of PST Paid on a Motor Vehicle
Appraisals are prepared using Canadian Black Book, the same source ICBC and the Ministry of Finance rely on.
Verified against the source documents on .
This page is general information about British Columbia vehicle appraisal and PST, not legal or tax advice. PST is assessed by the BC Ministry of Finance and registration is handled by ICBC and Autoplan brokers, so the amount of tax owing or refunded on any particular vehicle is determined by them, not by the appraiser. Figures quoted from government publications were verified against the source documents on the date shown.