Personal Vehicle Purchase

  • About the Program

    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 used vehicle.

    The pre-owned vehicle must be purchased from a dealership in Minnesota.  The title must be transferred into the name of the FAIM participant only, this program does not allow purchase of 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.

  • 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 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

  • 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?

Contact Us

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.

Scroll to Top