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The cars equity is worthwhile if it is possible to sell the car without losing too much value from the time of the ownership of the car.
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∙ 11y ago
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Is it good if the equity is low or high?
High. Equity is the difference between what is owed and what something is worth. For instance if you owe 5,000 on a car, but the car is worth 3,000 there is a negative equity of 2,000. The less you owe the higher the equity.
When it comes to equity what does it mean to have negative equity or be underwater?
The amount owed is greater than the car's worth
Can you trade in a car you are currently financing?
Absolutely. The only issue will be how much equity you have in the car. In other words, if the car is worth $5,000 and you owe $4,000, you have $1,000 in equity. If the car is worth $5,000 and you owe $6,000, you have $1,000 in negative equity. Be sure to verify your pay-off amount before you begin to shop for a new car.
If my husband and I have to file bankruptcy and the car is in my daughters and my name will we loose it?
If there is no equity in the car (it is worth as much or less than the payoff price), and the payments are current, no. If there is equity, since your daughter is not entitled to your exemption, someone will have to pay half of the equity to the trustee.
How do I determine my car's worth?
There is few ways to determine cars worth. First you can view few similar adds and decide on you cars worth from that. You can also asked a specialized car dealer.
Is your car worth fixing?
You usually will want to get an estimate in order to determine if your car is worth fixing. Many times, if it is your engine, it is not going to be worth fixing.
Can a car be repossessed for back child support?
In many states, yes. But you usually have to own it or have a lot of equity to make it worth while.
How can you determine what a used Honda Odyssey is worth?
You can determine the value of a used Honda Odyssey by looking it up in the Kelly Blue Book. You input data about the car, such as the mileage and area where the car is, and it provides an accurate estimate of the worth of the car.
Equity exists when?
You have EQUITY in your house when your HOUSE is WORTH MORE than you OWE on it !!!!!! (Or it can be any aREAL PROPERTY, such as a: CAR, BOAT, MOTORHOME, or even a CLOCK !!!! (Say you paid $15 for a CLOCK in 1969, you paid for it in FULL at the time, and it's NOW WORTH $700 !!!!! YOU now have $685 of EQUITY in your CLOCK !!!! The CLOCK or HOUSE or whatever -- EARNED YOU MONEY 💰 while you enjoyed it for 50 years !!!!! ). Understand EQUITY now ???? GOOD !!!!!!!!!!!!! 💲💲💲 👍 💖 👌 Barbie
How to determine how much is my car worth?
The easiest way to determine how much the car is worth in the current market is to input data such as car model, age, mileage, and condition into an online service. Alternatively, one can always ask for an assessment from the local car dealer.
How can you find out what your home equity is?
Equity is the value of something you own, like a house, or car, minnus what you owe on it. For example, if you bought a house for 100,000 dollars, and after five years you owe 85,000 dollars on it, and the house is worth 110,000 dollars, then your home equity would be 25,000 dollars.
Are cars protected under bankrupt laws?
This is question does not have a simple answer. Under Chapter 7 bankruptcy whether you will be allowed to keep your car varies by state. In the case of motor vehicles it depends on your equity in the vehicle and the "motor vehicle exemption" allowed by your state law. In some cases you are allowed only your equity -- that is the value of the used car minus the amount you own on a your loan. And of your equity your may be allowed only some portion, called the motor vehicle exemption. The exemption allowed by your state and your equity determine if you can keep your car.
