A multi-positional collapsible seat assembly for a motor vehicle is disclosed. The seat assembly includes a seat bottom having a load surface provided on an underside thereof and a seat back having a load surface provided on the back side thereof. As the seat assembly is collapsed, the seat bottom is pivoted forward and the seat back is pivoted adjacent to the seat bottom such that the load surfaces collectively provide a load floor for receipt of cargo. An armrest assembly is disclosed that facilitates both passenger and cargo transport. A method is also disclosed for collapsing the seat assembly.