VEHICLES (FAM)

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Automobiles and other motorized vehicles such as trucks, motorboats, snowmobiles, and motorcycles. See Part 411, FARM MACHINERY, LIVESTOCK, TOOLS, AND EQUIPMENT, for treatment of farm vehicles.

• Household Vehicle(s)

Treatment: Exclude 1 vehicle per each parent or caretaker relative for FANF financial assistance. Total number of vehicles excluded, regardless of ownership or value, should not exceed the number of parents or caretaker relatives of the assistance group.

• Junk Vehicles

Junk vehicles are:

- vehicles used only to supply parts for the individual’s main vehicle;

- vehicles that are too dilapidated to be reasonably repaired for sale or use; or

- vehicles which can be sold only for scrap or parts.

Treatment: Exclude the value.

·   Jointly Owned Vehicles

Vehicles which are jointly owned with a non-assistance group member.

If the vehicle’s title has “and” linking the individual and a non-assistance group members as joint owners, neither individual may sell the vehicle without the other’s consent.

Treatment: Exclude the value if the joint owner will not agree to the sale of the vehicle.

                  Count the value if the joint owner would agree to the sale of the vehicle.

If the vehicle’s title has “or” between the joint owners’ names, either individual may sell without the other’s consent.

Treatment: Count the value of the vehicle.

• All Other Household Vehicles

Treatment: Count the equity value of all other non-junk vehicles, registered or unregistered, owned by a household member.

Determining the Vehicle Value

Fair market value is the "trade-in value" as specified in the most recent edition of the National Automobile Dealers Association (N.A.D.A.) Official Used Car Guide, also known as the "Blue Book":

• fair market value is not increased because of special equipment for the handicapped, low mileage, or optional equipment;

• if the client states that the fair market value in the Blue Book does not apply, for instance, because of body damage, the client must present verification of the true fair market value of the vehicle from an auto dealer or an individual who is engaged in a vehicle sales or service business; and

• if a vehicle is custom made, too old, or too new to be listed in the Blue Book, the client must verify its fair market value by:

- obtaining an appraisal from an automobile dealer or an individual who is engaged in a vehicle sales or service business;

- submitting a tax assessment on the vehicle indicating its value; or

- submitting a newspaper advertisement which indicates the amount for which like vehicles are being sold.

Equity Value is defined as the fair market value of the vehicle, minus any encumbrances. Determine the equity value by subtracting any encumbrances, such as the principal owed on a loan, from the fair market value. Use any documentation that reasonably establishes the amount of equity owned by the client.

References: He-W 656.04; RSA 167:81, IV(b)