i864 - How to use car as an asset

[Baba+7917 0]

My husband (USC) and I (immigrant ) are preparing docs for marriage green card aos. He has earning this year but he's currently unemployed. Earning this year is around $10000. I do have a job now and the income meets the poverty line but not sure if it will  be qualified since it's F1 OPT income (have had some discussion on other threads on this and it seems that it really depends on the officer). In short, we are thinking to include assets if they don't accept my F1 OPT income.  Can't find a co-sponsor either.

 

What we have now is some cash in bank and stock. We have two cars (one under his name and one under mine). Is there any way we can use one of the cars (preferably his since it's worth more) to use an asset? And if so, what documents besides the car title do we need?

 

Thank you in advance!

[Boiler 43,392]

Easiest probably to sell it so you can show the cash and not have a depreciating asset and the costs of keeping it.

[eckoin 211]

Check out the manual: https://www.uscis.gov/policy-manual/volume-8-part-g-chapter-9 and https://travel.state.gov/content/travel/en/us-visas/immigrate/the-immigrant-visa-process/step-1-submit-a-petition/i-864-affidavit-faqs.html

 

Basically, you can claim a vehicle as an asset as long as it's not your only one. So you could technically claim both, and use one of them to make up the shortfall. 

 

For a family of two, the 125% of the line is $21,550, and assuming we're going by $10k earned, that's an $11.5k shortfall. Is his car worth at least $35k after the car loan payoff, if any? Assuming the KBB value let's say. If so, yeah, sell it, can get a new car when the situation improves. 

 

But honestly, take your employment letter, leave the cars out of it, and write your own letter explaining what you do, and how much you're looking forward to continuing growing your career with your employer, and I don't know, throw in some interesting projects coming up for some personal touch. Then say, "letter from my employer attached" and include their dry-### letter. 

 

Worst case - you get an RFE, and just prepare for it. If you have at least $40k of various assets you can compile (first car doesn't count, subtract loans), then fair enough, but assets require a lot more documentation. For a house, you need an actual appraisal, and those are like $500-700. 

[Baba+7917 0]

3 hours ago, eckoin said:

Check out the manual: https://www.uscis.gov/policy-manual/volume-8-part-g-chapter-9 and https://travel.state.gov/content/travel/en/us-visas/immigrate/the-immigrant-visa-process/step-1-submit-a-petition/i-864-affidavit-faqs.html

 

Basically, you can claim a vehicle as an asset as long as it's not your only one. So you could technically claim both, and use one of them to make up the shortfall. 

 

For a family of two, the 125% of the line is $21,550, and assuming we're going by $10k earned, that's an $11.5k shortfall. Is his car worth at least $35k after the car loan payoff, if any? Assuming the KBB value let's say. If so, yeah, sell it, can get a new car when the situation improves. 

 

But honestly, take your employment letter, leave the cars out of it, and write your own letter explaining what you do, and how much you're looking forward to continuing growing your career with your employer, and I don't know, throw in some interesting projects coming up for some personal touch. Then say, "letter from my employer attached" and include their dry-### letter. 

 

Worst case - you get an RFE, and just prepare for it. If you have at least $40k of various assets you can compile (first car doesn't count, subtract loans), then fair enough, but assets require a lot more documentation. For a house, you need an actual appraisal, and those are like $500-700. 

Thanks for the insight!

About the car, is it necessary to sell it? Or do we just need to provide paper work regarding its values?

 

And yeah..we might just have to use my income in this case. We only have like 20k in cash asset

[eckoin 211]

11 hours ago, Baba+7917 said:

Thanks for the insight!

About the car, is it necessary to sell it? Or do we just need to provide paper work regarding its values?

 

And yeah..we might just have to use my income in this case. We only have like 20k in cash asset

Cars are a weird one, such that USCIS doesn't really provide much guidance.  For real estate, they require a professional appraisal - cars don't really have that concept.  You could use the KBB report for a private sale as the basis, but it's (a) nowhere near guaranteed you'd get that price, and (b) well, it's a car - its value will go down next month just due to existing.  You could go to a dealership and have them draft you an offer, but it will be the trade-in value, which is lower than private sale.  And by the time your interview rolls around, how much will the car be worth?  If the CO is trying to be difficult, then you know, they can be difficult about it.  I'd include a car if it were like, a collector type maybe.  

 

I was just saying, a $30k+ used car for someone who is currently unemployed and presumably looking for work, sounds like overkill.  You can get away with a $12k car easily.  If it were me, I'd sell it, because that just doesn't sound like a solid financial decision.  But you guys do you.  

 

Otherwise, if you're doing the thing where the shortfall is $12k, and you're using $20k from various accounts plus another $10-15k from a car, it's just grasping at straws.  If you had $60k+ in stocks, then maybe.  I'd make a very strong argument about my OPT job and how much I'm excited and expecting to continue growing in my field and with my employer, than trying for assets, personally.  

[Boiler 43,392]

A car not being used is just sitting there depreciating market seems quite good currently for selling

[Baba+7917 0]

11 hours ago, eckoin said:

Cars are a weird one, such that USCIS doesn't really provide much guidance.  For real estate, they require a professional appraisal - cars don't really have that concept.  You could use the KBB report for a private sale as the basis, but it's (a) nowhere near guaranteed you'd get that price, and (b) well, it's a car - its value will go down next month just due to existing.  You could go to a dealership and have them draft you an offer, but it will be the trade-in value, which is lower than private sale.  And by the time your interview rolls around, how much will the car be worth?  If the CO is trying to be difficult, then you know, they can be difficult about it.  I'd include a car if it were like, a collector type maybe.  

 

I was just saying, a $30k+ used car for someone who is currently unemployed and presumably looking for work, sounds like overkill.  You can get away with a $12k car easily.  If it were me, I'd sell it, because that just doesn't sound like a solid financial decision.  But you guys do you.  

 

Otherwise, if you're doing the thing where the shortfall is $12k, and you're using $20k from various accounts plus another $10-15k from a car, it's just grasping at straws.  If you had $60k+ in stocks, then maybe.  I'd make a very strong argument about my OPT job and how much I'm excited and expecting to continue growing in my field and with my employer, than trying for assets, personally.  

Thank you for the analysis. I am trying to explore all the options before filing. I think my OPT income is still the best bet at this point.

[eckoin 211]

28 minutes ago, Baba+7917 said:

Thank you for the analysis. I am trying to explore all the options before filing. I think my OPT income is still the best bet at this point.

I feel ya. I'd go with OPT and a letter from you to supplement your employer letter. In the meantime, prepare an asset petition but not send it - just to have the basis. With some stock accounts, you need to provide an overview of fees to get the actual cash value, look into that if relevant. 

 

I would also start looking for another job, leisurely, and apply to expedite your EAD if you get an offer that makes it worth it. Assuming it's in the same field tied to your degree, that could help (and the salary may be well worth it too).