Another New Year’s present, this is the ACL implementing the new car resource rules:
- The first $9,500 of car equity value is now exempt.
- Clients can self-certify the amount of encumbrances, and the vehicle’s fair market value.
- The $9,500 equity threshold will be adjusted upward annually for any increase in the Transportation Consumer Price Index (CPI)
- Any vehicle transferred to the client as a gift, donation, or family transfer, as defined by the DMV, will not count against the family’s maximum resource limit.