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).

 

Glossary

 

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