A car is considered an asset if you own the title. Rule of thumb on if something is an asset or not ( can you donate it?). The only difference is that companies can write off the depreciation on their cars where you can't. If you are making payments (financed or leased) it is not an asset. Anything with value in your legal pocession is an asset. You can easily put the car on the market at 500-600 bucks under the value and get cash offer within a day; so it is as good as cash.