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

3,729 families have filed bankruptcy using Upsolve

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 July 22, 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: (Current market value of the vehicle) - (Amount you still owe) = Total Equity. 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.



About the author
Attorney Andrea Wimmer

Andrea practiced exclusively as debtors’ counsel in consumer chapter 7 and 13 cases for more than 10 years before joining Upsolve, first as a contributing writer and editor and ultimately joining the team full time in August 2019. While in private practice, Andrea handled all ban... read more

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