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Department
of Human Services Families
First Online Policy Manual Resources |
Revised: |
17.8 |
DETERMINING EQUITY VALUE OF A VEHICLE |
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To determine the value of a vehicle to be
counted as a resource, first establish fair market value of the vehicle by
determining the “Average Loan value” listed on the Kelly Blue Book
website. Do not increase the basic
value of the vehicle because of low mileage, optional equipment or special
equipment. Deduct any encumbrances on
the vehicle from the fair market value to determine equity value. If the AU disagrees with the adjusted value, the caretaker may provide
verification of the actual value of the vehicle from a reliable source such
as a reputable auto dealer, a tax assessment, newspaper advertisements
listing the sale price of similar vehicles, etc. Use the AU’s best estimate of the vehicle’s value for vehicles no
longer listed on the Kelly Blue Book website.
If the estimate is questionable or if eligibility is affected, the
caseworker must ask for verification from a reliable source (see above
paragraph). |
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