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• Amounts paid towards the principle are therefore a countable resource as soon as received • Principal amounts should not be deducted from bank balances or reports of cash on hand or put into a Miller Trust • Excess accumulation of these amounts could make the member over resources and may need to be monitored by the worker as explained in 2605.40.00 • The property itself is not a countable resource because the seller cannot legally convert it to cash while it is encumbered by the non-negotiable agreement. The property agreement or promissory note has an assumed resource value based on the outstanding principal balance unless the individual furnishes evidence that it has a lower cash value. For land contracts which do not meet the criteria in this section, the outstanding principal on the negotiable agreement is considered a countable resource. 2615.60.00 VEHICLES MED 1 & 4 have different requirements for considering vehicles than MED 2. Requirements may differ between the Medicaid categories. The following sections describe how to determine the resource value of vehicles. 2615.60.05 DEFINITION OF VEHICLE A vehicle is any conveyance that provides transportation of persons or goods from place to place. Automobiles, trucks, vans, motorcycles, mopeds, boats, snowmobiles, and so forth are classified as vehicles.41 2615.60.15 TREATMENT OF VEHICLES (MED 2) Each AG is allowed an exclusion of $5000 of the equity in one vehicle. Equity is the vehicle's fair market value less any liens. If more than one vehicle is owned, the equity in each vehicle is to be determined. Since the $5000 disregard can be applied to only one vehicle, it is to be applied to the vehicle with the highest equity value. No amount is excluded from the equity value of the remaining vehicle even if the value of the first vehicle is less than the $5000 disregard. 2615.60.20 TREATMENT OF VEHICLES PRIOR TO JUNE 1, 2014 (MED 1, 4) As of June 1, 2014, this section no longer applies. 2615.60.20.05 TREATMENT OF VEHICLES This section explains the treatment of vehicles.