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Do I own my vehicle? What percentage of it do I own?

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In a Nutshell

Whether or not you own your vehicle depends on whether you purchased it using a loan or leased it from a dealer or other agency.

Written by Attorney Andrea Wimmer
Updated November 19, 2020

Whether you own a car you're still making payments on depends on whether you purchased it by taking out a loan or leased it.

If you purchased your vehicle you own 100% of the vehicle. This is true even if you are still paying on the loan. If you have a co-signer for the car loan, check if they're on the title with you. Not all co-signers are co-owners. If you have a co-owner, you may only have a 50% ownership interest in the vehicle, depending on state law. Learn more about the difference between co-signers and co-owners and where to list them on your forms here.

Equity in a car is calculated as follows:

Loan Balance$80,000$9,000

If you have a co-owner, divide the resulting equity by the number of co-owners to determine your share of the equity.

If you're leasing your car, you don't own it. Learn more about leases in bankruptcy here.

Written By:

Attorney Andrea Wimmer


Andrea practiced exclusively as a bankruptcy attorney in consumer Chapter 7 and Chapter 13 cases for more than 10 years before joining Upsolve, first as a contributing writer and editor and ultimately joining the team as Managing Editor. While in private practice, Andrea handled... read more about Attorney Andrea Wimmer

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