If the only motor vehicle the customer owns is exempt per PM 07-02-05, it is not necessary to verify fair market value.
Accept 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:
- registration cards;
- purchase agreements, sales receipts, financing records; and
- receipts of purchase or canceled checks.