Colorado state exemption for vehicles is $3000 in aggregate.
I have two vehicles - 2004 Nissan Murano and a 2004 Chrysler Sebring. Both in good condition. Trade in values are $13965 and $5810 respectively. Private Party purchase - $17265 and $8035 respectively. Retail - $22020 and $11140 respectively.
I owe $30,000 on the Murano still (we refinanced a year or so ago, got additional money out on the car through WFF) so we are upside down in that loan - if we sold it, it wouldn't even pay off what we owe.
I owe $9000 on the Sebring. We're upside down in it also, due to the fact that the purchase price included what we were upside down on the trade in. If we sold it, the proceeds wouldn't pay off the loan.
SO, I guess the real question is - if the trustee doesn't question the monthly payment amounts (both loans are current and I plan on continuing to pay them on time) what is the probability that we would be asked to get rid of them?
Anyone?
I have two vehicles - 2004 Nissan Murano and a 2004 Chrysler Sebring. Both in good condition. Trade in values are $13965 and $5810 respectively. Private Party purchase - $17265 and $8035 respectively. Retail - $22020 and $11140 respectively.
I owe $30,000 on the Murano still (we refinanced a year or so ago, got additional money out on the car through WFF) so we are upside down in that loan - if we sold it, it wouldn't even pay off what we owe.
I owe $9000 on the Sebring. We're upside down in it also, due to the fact that the purchase price included what we were upside down on the trade in. If we sold it, the proceeds wouldn't pay off the loan.
SO, I guess the real question is - if the trustee doesn't question the monthly payment amounts (both loans are current and I plan on continuing to pay them on time) what is the probability that we would be asked to get rid of them?
Anyone?
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