Showing car with repairs as an asset.

[Bannu]

Hi everyone, hope u are having a good weekend. Today I ask u this doubt : towards my i864, I'm planning to put my second car as an asset. I heard they will take 1\3 of its value.

Is it okay if the car is barely in running condition?
I'm assuming I should get a letter from the dealer to show proof of the value. Am I right? If not please correct me.

[rayb]

That tactic should give the USCIS office staff a good laugh.
The general rule for using assets to make up for income deficit is that you provide credible, professional proof of "fast sale" value of the asset.

--Ray B

Hi everyone, hope u are having a good weekend. Today I ask u this doubt : towards my i864, I'm planning to put my second car as an asset. I heard they will take 1\3 of its value.

Is it okay if the car is barely in running condition?
I'm assuming I should get a letter from the dealer to show proof of the value. Am I right? If not please correct me.

[Bannu]

That tactic should give the USCIS office staff a good laugh.
The general rule for using assets to make up for income deficit is that you provide credible, professional proof of "fast sale" value of the asset.

--Ray B

Mr. Ray, thank u for replying. please tell me how I show the "fast sale " value and who will evaluate my car's price. Do u think I can show the Kelly blue box values. I'm having no clue on how to show my second car as an asset. And u think uscis will come and see my car in detail?

[rayb]

If you are serious about trying to use the vehicle for the "asset" option in meeting the sponsorship requirements, do the following:
1. Pull up Kelly Blue Book quotes for vehicle and model, with mark down for defects;
2. Get "comps" from recognized media for purchase prices of similar vehicles in recognized publications;
3. Try to get notarized offers from potential buyers.

I'm a little cynical at your chances for obtaining USCIS recognition for offering your vehicle as an asset, especially since the recognized needed value for asset substitution should be 3 to 5 times the income deficit (not sure which, but better assume "5 times)."

I had a friend who offered market value appraisals for his gold bullion certificates from a professional dealer, and the result left my friend a little disappointed. I think his estimated value of the certificates was about $20,000, and its benefit for sponsorship might have been around $4,000 - $5,000.

I don't believe your type of sponsorship attempt would be taken seriously by USCIS reviewers. The most common type of asset value that sponsors try to use is equity in homes. Books could be written about what equity in homes really means: appraisals from real estate professionals; comps from sales in your local area; how good the market is, etc. But "fast sale" really means what you can prove you would get from the vultures that are hanging around ready to "steal" your property for a few cents on the dollar. That is "fast sale!"

I'm not speaking from personal experience, as I've seen serious attempts of this coming up with only two people: the "gold bullion certificate" guy, who ended up using his mother-in-law as a co-sponsor and another mother of a petitioner who owned real estate in Fort Lee, New Jersey (the mother). The Fort Lee property was a "winner," with proven market value of a couple hundred thousand, and that worked.

So I could be way off in the opinion I have expressed for your plan, but keep in mind that with all things, "cash is king!"

--Ray B

Mr. Ray, thank u for replying. please tell me how I show the "fast sale " value and who will evaluate my car's price. Do u think I can show the Kelly blue box values. I'm having no clue on how to show my second car as an asset. And u think uscis will come and see my car in detail?