1640.0591 Automobile (MSSI, SFP)
One automobile, regardless of value or use, is excluded as an asset.
Unless otherwise excluded, any other automobiles are treated as non liquid assets and counted to the extent of their equity value. The equity value is the average trade-in value of the vehicle minus any indebtedness.
When there is more than one vehicle, apply the automobile exclusion in the manner most advantageous to the individual. That is, the automobile with the highest equity value may be the one vehicle totally excluded, leaving the automobile with less equity value to count as an asset to the individual.
Any automobile over seven years old is an excluded asset except for the following instances requiring development:1. Luxury cars (for example, Jaguar, Mercedes-Benz, Cadillac, Lincoln, Corvette);
2. Automobiles or trucks that are 25 model years or older (because they may have value as classics or antique vehicles); or 3. Customized or specially modified automobiles, except for those modified for use by a handicapped person.
1640.0592 Verification of Vehicle Value (MSSI, SFP)
Information containing the name(s) of the owner(s), make, model, and year of the vehicle is required for all vehicles. The amount of indebtedness is required on all included vehicles.
Sources of documentation include:
1. title,
2. tag registration,
3. Department of Motor Vehicle records,
4. purchase contract,
5. payment schedule, or 6. lien holder.
Use the average trade-in value listed in the National Automobile Dealers’ Association (NADA) book with no adjustments for any special equipment as fair market value in determining equity value (fair market value minus indebtedness).
If a vehicle is not listed in the Southeastern Edition, National Automobile Dealers’ Association (NADA) book, the Official Used Car Guide or the NADA Older Car Guide, the individual must obtain an appraisal or produce other evidence of the vehicle’s value, such as a tax assessment or a newspaper advertisement indicating the amount for which like vehicles are being sold.