Vehicles
Vehicles worth £3,000 and under, and where they are needed by the client, do not vest in the trustee and are not counted as an asset.
1s2(3)(b) B(S)A 2016Vehicles worth over £3,000 exclude the client from entry into a MAP. They must go down the FAB route.
The following can be used to obtain a valuation:
•a reputable car dealer that clearly highlights the condition of the vehicle and the reasons for the valuation (eg, damage, high mileage);
•an independent car dealer, preferably on headed paper, highlighting the condition of the car and the reason for the valuation;
•Parkers (and similar companies) who provide an online valuation.
Valuations from companies offering quick access to cash (eg, WeBuyAnyCar, Arnold Clark, Motorpoint, Motorway) cannot be used to obtain a valuation. These companies offer below book price valuations
If a client is unable to provide a valuation on headed paper as the dealer may be in a rural area, a full explanation from the money adviser detailing the condition of the car and the reason for not being able to provide a formal valuation must be provided.
Be aware that whilst this may go some way to progressing a case, it may not be possible in every case.
Remember that the AiB might value the vehicle themselves and come up with a different valuation, so be careful and maybe get two or three valuations before applying if it is close to the £3,000 limit.
See the AiB notes for guidance evidence requirement checklist.
210.3.3 at