Equity value is the fair market value of a vehicle minus any debts outstanding against it.
Consider the equity value of all licensed vehicles for noncategorically eligible SNAP units (PM 05-07-00) except for the following:
- One licensed vehicle for each adult SNAP unit member, regardless of its use.
- Any vehicle exempted due to one of the reasons in PM 07-04-17-a.
- Any other licensed vehicles used by unit members under the age of 18 to commute to and from:
- employment, or
- training or education to prepare for employment (does not include high school or college), or
- to look for employment.
Temporary periods of unemployment do not affect this exemption. The above exemption applies to vehicles used by either eligible or ineligible unit members. See PM 04-05-07 for ineligible SNAP unit members.