A Equitable Ownership Example

When asked about any assets held in his name but not listed on the application, the customer states that he holds the title to his son’s car.

The customer provides a written statement explaining why the car is in his name but actually belongs to his son. The customer’s son could not get a loan to buy the car, which he needs to get to work. The customer took out a loan with his credit union and bought the car on his son’s behalf. The son has made all the payments on this loan and has the car in his possession.

The written statement received from the son also confirms the customer’s statement. The car is titled to his father since the loan is in his father’s name. Once the loan is paid off, title to the car will be transferred to the son.

The worker verifies that there are no payments coming from the customer’s account for the car. The customer has proven that he does not have an equitable interest in the car. The son has full equitable ownership. The car is not counted as the customer’s resource in the eligibility determination.