Bankruptcy and insolvency vehicle appraisal
An insolvency vehicle appraisal is $149 plus tax. You receive a written opinion of orderly liquidation value, prepared for a Licensed Insolvency Trustee file, with the effective date set to the date of filing unless you specify another.
Price and scope
| Bankruptcy and insolvency vehicle appraisal | $149.00 plus 5% GST and 7% PST |
|---|---|
| Rush handling, optional | $50.00 plus 5% GST and 7% PST |
| Turnaround | Scoped on receipt. Most standard files are returned within two business days of acceptance. A file needing a historical effective date or a specific report format is quoted with its own timeline. |
| How it is prepared | Remotely, from photographs and documents. No physical inspection. |
| Area served | All of British Columbia |
The $75 one hour terms advertised for a standard remote FIN 320 do not apply to this service. Probate, court, tax, contested and historical date assignments are scoped first, and the fee and timeline are confirmed before the file is accepted.
What value does a trustee actually need?
Usually orderly liquidation value, not retail. That is the price reasonably obtainable in a prompt sale, and it is normally lower than what the same vehicle would fetch advertised privately over several weeks. Confirm with your trustee before ordering, because asking for the wrong definition wastes the fee.
Does a loan on the vehicle change the appraisal?
No. The appraisal reports what the vehicle is worth. What is owed against it is a separate figure, and the equity calculation is the trustee’s to make. We ask for the secured balance so the report can state it alongside the value, not so it can be netted off.
Does this decide whether you keep the vehicle?
No, and any appraiser who tells you otherwise is overselling. Exemption limits, equity treatment and the outcome of the file are determined by your Licensed Insolvency Trustee under the legislation. The appraisal is evidence they use.
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
- Vehicle registration
- Loan or lease statement, if there is one
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 orderly liquidation value, the price reasonably obtainable in a prompt sale, which is typically lower than retail. It is prepared for the stated insolvency file.
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.
Bankruptcy and insolvency vehicle appraisal FAQ
What effective date should I use?
Normally the date of filing. If your trustee needs a different date, put it in the form and we will use it. Changing the effective date after the report is written means a new report.
Can the trustee contact you directly?
Yes. Give their name and firm on the form and we will address the report to the file.
Is orderly liquidation value the same as trade in?
No. They are different definitions and they usually produce different numbers. The report states which definition it used, so nobody has to guess.
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
- Bankruptcy and insolvency vehicle appraisal
- Price
- $149.00 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.