Some have mentioned booking a terminal loss with proceeds of disposition at $0 and others have said book the proceeds at FMV which is $5,000.00 (no CCA in final year).
The vehicle is not being sold the taxpayer is continuing to use it for their personal purposes moving forward.
Any thoughts?
Those “some” are presumably serving time for white collar crime?
My gut was telling me that didn’t sound right, as well.
Funny but true story…
Many years ago I had a truck driver show up at my office with a large income tax bill resulting from an audit reassessment.
It seems he had his highway tractor re-possessed by the finance company. At the time of repossession the UCC on his 18 wheeler was about 50,000 and the amount owing to GE Capital was about $80,000.
The tax preparer? had taken a terminal loss of $50,000 that year because the truck had been repossessed, and the truck driver no loner had the vehicle. The CRA disallowed the terminal loss and went one step further and added $35,000 in recaptured CCA to his business income.
Someone failed to realize the proceeds of disposition would be equal to the amount of the loan the trucker no longer owed. 
Thanks for the responses I do appreciate them greatly. Have a wonderful day!