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 who must have a valid MN driver’s license and vehicle insurance. 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, 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.