Personal Vehicle Purchase

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