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    dancingdobes's Avatar
    dancingdobes Posts: 27, Reputation: 1
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    #1

    Mar 7, 2007, 06:49 AM
    Equity in automobile
    How do I find out how much equity I have in my automobile. It is currently being financed and I want to know how much equity is in it
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 7, 2007, 08:13 AM
    Try kbb.com or edmund's.com. You should be able to get an approximate value of the car. Then subtract your prinicpal balance and you have your equity.

    Do not be surprised, however, if you don't have any or it's a negative amount. A car loses a lot of its value early on. So it takes a long time to build equity in a car if you ever do.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Mar 7, 2007, 12:48 PM
    Please do not use PMs for follow-up questions.

    You can use either the private or retail values. Private refers to the value in a private sales. Retail is dealer value. Trade In is what you can expect from a dealer when you trade in for a new vehicle.
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