3.3.4.2 Vehicles

FEP Financial and Employment Planner s must disregard the first $10,000 of combined equity value The wholesale value or a value estimated by a sales representative at a local business minus any encumbrances that are legal debts. of the W-2 Group’s vehicles. FEPs must count any equity value amount over $10,000 as an asset to be tested against the $2,500 asset limit.

FEPs must not increase a vehicle’s equity value by adding value for low mileage or items such as optional equipment or mobility devices. FEPs may use either of the following sources to verify vehicle value:

Kelly Blue Book ; or

J.D. Power New and Used Car Prices .

E XAMPLE : Chrystal's FEP checks Kelly Blue Book and verifies Chrystal's car has a market value of $6,700. However, Chrystal verifies that there is a lien recorded on the title for an outstanding amount of $4,000. The equity value of the vehicle is $2,700 (6,700 - 4,000 = 2,700).

The vehicles listed below with a ”No” must not be counted in the asset test. (See 3.3.1 )

Common Vehicles Asset Non-motorized Camping Trailer No Trailer Home No Moped Yes Motorized Golf Cart Yes Motorized Boat Yes Non-motorized Boat No Non-motorized, Nonfarm Livestock Trailer No Junk Car Yes Airplane Yes Snowmobile Yes Motorcycle - any number of wheels Yes Motorized Riding Garden Mower No Log-skidder No Farm Truck, Tractor, or Other Farm Vehicle used directly to produce income No Farm Tractor - Nonfarm Use Yes