The FAIM personal vehicle purchase asset track is meant for someone without a reliable vehicle in their household or whose vehicle is unreliable and has become a drain on their finances. The participant must have a valid Minnesota driver’s license and proof of insurance at the time program funds are used to obtain a vehicle.
The vehicle must be purchased from a dealership in Minnesota. The title must be transferred into the name of the FAIM participant only and they are not allowed to purchase a vehicle for another person. To prepare the participant for vehicle purchase, a 10-hour car care/buying training is required in addition to 12-hours of financial management training.
To be eligible for FAIM enrollment, applicants must:
- Be at least 18 years of age.
- Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
- Have earned income (wages from employment or self-employment).
- Have total household net assets of less than $10,000.
- Have combined household annual gross income at or below 200% of the current federal poverty guideline.
- Have the ability to reach their saving goal in 24 months or less.
- Have the ability to complete the program and purchase a vehicle within a maximum of 30 months.
- Have a valid Minnesota driver’s license and proof of insurance when funds are used to obtain a vehicle.
- Follow program parameters for vehicle purchase.
FAIM Guide to Personal Vehicle Purchase – Updated 8-17-2023
A handbook and many resources are available in the Cars section of the Minnesota Attorney General’s website: https://www.ag.state.mn.us/Office/Publications.asp