car question

[Elle615]

I live in Michigan. I have a car titled in my name and my fathers. (Not the husband's.) We owe less then $300 on it. one more payment. how does the "equity" in it work?

Would I be required to pay more on it to keep it, since it'll be paid for?

(it's a 95 oldsmobile cutlass supreme, with about 150,000 miles on it. No working air, over heats badly in the warm weather- must run heat in the summer, avoid slow traffic)

[lrprn]

I live in Michigan. ... (it's a 95 oldsmobile cutlass supreme, with about 150,000 miles on it. No working air, over heats badly in the warm weather- must run heat in the summer, avoid slow traffic)

I checked the value of a 1995 Oldmobile Cutlass at Edmunds.com - it's worth between $850 and $1500 depending on the condition.

In Michigan the motor vehicle exemption is "Tools, implements, materials, stock, apparatus, team, motor vehicle, horse & harness to $1000 total". Sounds like you might just squeak in under that if the condition of your car is on the lower side.

At any rate, your trustee isn't going to be interested in trying to auction a 12-year old car with mechanical trouble. Check with your lawyer to be sure, but it's looking good at the moment for you to keep the car.