Personal Vehicle Purchase

The FAIM personal vehicle purchase asset track targets persons who do not have a vehicle in their household or whose vehicle is in disrepair.  The vehicle must be purchased and titled in Minnesota.  The title must be transferred to FAIM participant only and he/she/they must have a valid MN driver’s license and vehicle insurance.  To prepare the participant for the 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, participants must:

  • Be at least 18 years of age
  • Be a resident of Minnesota (at time of enrollment through exit from FAIM)
  • Be a US citizen or eligible non-citizen
  • Have earned income 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 poverty level
  • Ability to save up to $2,000 within 24 months
  • Ability to purchase the asset within a maximum of 30 months.

FAIM Guide to Personal Vehicle Purchase