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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.
If you purchased it using a loan, you own it.
If you leased it from a dealer or other agency, you do not own it.
When you purchase a car using a loan, you only own a certain percentage of it until the loan is fully paid off. That percentage is called equity. Use the following formula to determine what your equity is:
(Full Purchase Price) - (Amount that you still owe) = Equity To find out what percentage of the vehicle that you own, us this formula:
(Equity) ÷ (Full Purchase Price) = Percentage owned. If you leased the vehicle, both amounts will be $0 on your bankruptcy forms.
NOTE: If you have a title loan on your vehicle, the formula for equity will be:
(Full Purchase Price) - (Amount that you still owe) - (remaining balance of your title loan) = Equity
The formula for determining the amount that you owe will be the same as when you do not have a title loan.