FIXED ASSET - PURCHASED PRIOR TO BUSINESS STARTUP

My client has started his business and I want to enter his vehicle which is no longer a personal one but a company vehicle as a fixed asset/track depreciation.  He purchased the vehicle via a personal line of credit.  Do I have him transfer this line of credit to the business and enter the loan and then the black book value of the vehicle in the fixed asset entry or leave his line of credit alone and just enter the truck in the fixed assets?  If the latter is better do I just enter black book value?  Here's what I have decided to do:

I am entering as a fixed asset, will get the black book value to present date and use that. Since he purchased via Personal Line of Credit, with no direct connection to the vehicle itself, I am considering it as having no Liens, therefore it is an asset.  I will enter the depreciated amount in the sub-account of this fixed asset at the appropriate time.  If anyone else has any other info to contribute I would appreciate it greatly.  I have decided to do it this way as this is what I have done in the past and never had an accountant dispute the entry method, so.......