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MEDICAL SERVICES POLICY MANUAL, SECTION E

E 523 Personal Property Exclusions

The equity value of such a vehicle will be considered a resource. The personal effects exclusion does not apply to such vehicles. (Refer to MS E-516).

The equity value of all nonexcludable automobiles will be included with countable resources.

Determination of Current Market Value for a Non-Excluded Automobile - The determination of value for foreign and domestic passenger cars will be based on use of the “Trade-In” value in “Fair” condition as verified by one of the following free websites: • www.kbb.com (Kelley Blue Book) • www.edmonds.com • www.nada.com (Used for motorcycles, boats, RVs) • www.collectorcarmarket.com (Used for vehicles too old to list on KBB or NADA) When the Trade In value is not available, a comparable value (i.e., wholesale or loan value) may be used. The caseworker will print a copy of the web page showing the vehicle value and the copy will be scanned in the electronic case file. Fair market value is the average trade-in value of the vehicle as listed on the selected web site unless the individual disputes the value and presents conclusive proof that the information obtained from the web site is inaccurate.

 NOTE: The value of special or optional equipment or low mileage will not be considered when determining the average trade-in value of the vehicle.

The caseworker will determine the average trade-in or wholesale value for the auto as listed on one of the above approved websites. When a non-excluded vehicle is too new to appear on the approved web sites, the caseworker may determine the current average trade-in value by contacting a local car dealer or by consulting a recent newspaper ad for used cars of the same make, model and year. A copy of the ad should be scanned into the electronic case record. Information obtained from contracts for purchase may be inaccurate because vehicles decrease in value substantially once they become “used”.

An individual may indicate that for some reason such as body damage, high mileage, inoperability due to motor failure or other major malfunction, a vehicle is in less than average condition. An individual is allowed to contest the website’s value of the vehicle when its depreciated condition makes its value “less than average”. The caseworker may accept statements from reputable repair shops to verify high mileage, motor