PM 07-02-05

text revisedIf the only motor vehicle the customer owns is exempt per PM 07-02-05, it is not necessary to verify fair market value.

new textAccept the customer's statement of the value of vehicles over 5 years old, unless questionable. Verify fair market value of vehicles less than 5 years old. Acceptable forms of verification of vehicle fair market value include:

  • payment books;
  • purchase agreements;
  • sales receipts;
  • financing records;
  • statements from dealers;
  • other records or documents indicating the vehicle's value.

For recreational vehicles, include the following information in the case record:

  • title;
  • registration cards;
  • purchase agreements, sales receipts, financing records; and
  • receipts of purchase or canceled checks.