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Can a creditor take my car that's paid for and worth less than the state exemption if I have another car I'm still paying for?

Rock Hill, SC |

I live in SC where the state exemption for a car is $ 5000 . The paid for car is a 2002 Toyota Echo and the car I owe money on is a 2011 Toyota Saris which I owe $ 15000 and worth less than I owe . So basically I own 2 cars . One that's paid for and the other I still owe money on .

Attorney Answers 2

Posted

If the Echo is work substantially more than $5000 (probably not), then the creditor could (probably won't) execute their judgment against you by attaching the Echo. BUT, when the creditor sells your car they would have to turn the first $5000 over to you.

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2 comments

Asker

Posted

But what effect if any does having an additional car have on the state exemption for the echo?

Diane L Gruber

Diane L Gruber

Posted

The Saris has no equity, right? There is no affect.

Posted

They can't sell the Saris, since it is worth less than you owe. They can only sell the Echo if it is worth more than the exemption amount, which gets adjusted every so often for cost of living adjustments, and is now $5,625.00. To check the book value of the vehicle, use the link to Kelley Blue Book below, and check the values between private party value and retail value to get an estimate. You should then deduct from the blue book value for any repairs that need to be done to the car that might make it worth less than book value. You may also be able to claim a wild card in the amount of $5,625.00, which may allow you to protect a car worth twice as much as the vehicle exemption, but use of the wild card depends on other factors that would require an attorney consultation.

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