WAG 07-02-05: Motor Vehicles

PM 07-02-05

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:

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