I owe $6500 on my 2004 Honda CRV and $2800 on a 2000 Toyota Corolla. The creditor is a credit union. I also owe $8800 on a credit card to the same credit union. Tthe credit union says they will repossess the cars for their retail value to help pay the credit card debt. They say that if I want the cars I have to pay their retail value plus the credit card balance which I am unable to do.
The Honda retails at between $10,00 and $12,000. The Corolla retails at about $4000. Apparently, Ohio Chapter 7 has a vehicle exemption of $3200. If I were to add the $3200 to my $6500 blance I would get $9700. However, the Honda needs about $4000 in repairs. Can I add the repairs to the cost of the car?