About the Program
The FAIM personal vehicle purchase asset track is meant for someone without a reliable vehicle in their household or whose current vehicle is unreliable and required ongoing repairs that have become a drain on their finances or is beyond reasonable repair. The program is intended for someone who does not have the means or resources to obtain a reasonable used vehicle on their own and needs transportation to retain employment. To prepare the participant for vehicle purchase/ownership, a 10-hour car care/buying training is required in addition to 12-hours of financial management training.
The reasonable used vehicle must be purchased from a dealership in Minnesota and meet parameters of the program. The title must be transferred into the name of the FAIM participant only – funds cannot be used to purchase a vehicle for someone else. Participant is limited to their savings/match earned when purchasing a used vehicle that meets basic needs. Other parameters and limitations may apply.
Eligibility
- 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
- Follow program parameters for the used vehicle purchase.
Additional Resources
A Handbook And Many Resources Are Available In The Cars Section Of The Minnesota Attorney General’s Website
• Click to View Resource
Frequently Asked Questions
Could FAIM be right for you?
Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.
Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.
Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.
Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.