topic Re: Do you HAVE to put down 20 % in Auto Loans

Do you HAVE to put down 20 %

Andy77 — Wed, 14 Nov 2012 16:08:14 GMT

So, I want to get a CPO Audi S5 next year. The car will be about 51k with tax, title, license.

I wanted to put down about 5 to 8k

Could or would the bank come back and say that is not enough of a down payment?? Or would they just flat out decline

My fico will be about 665-685 with 3 % utilization, discharged bk from Sept 2009, no baddies since then

income 82k

Thank you!

Re: Do you HAVE to put down 20 %

ccnewcc — Wed, 14 Nov 2012 20:42:50 GMT

*Wonders where OP got down payments are standardized.*

To my knowledege, all banks are different and will require a down payment to their liking and not some bizzare fixed standard of 20% as your post seems to suggest is standardized.

*Wonders if OP would be interested in less car*

Re: Do you HAVE to put down 20 %

Cadillac-XTS — Wed, 14 Nov 2012 21:42:28 GMT

Re: Do you HAVE to put down 20 %

Andy77 — Wed, 14 Nov 2012 21:46:29 GMT

My concern is that they will see the bk from 2009 and they will say you have to at least put down 20 %

I did just finish a Lexus lease from 2010, paid on time and actually paid off a little early

However, I had a repo in 2009 (repo'd but in the end included in bk)

So do you think the bk on my CR will affect my down?

Re: Do you HAVE to put down 20 %

webhopper — Wed, 14 Nov 2012 22:09:17 GMT

Andy77 wrote:
My concern is that they will see the bk from 2009 and they will say you have to at least put down 20 %
I did just finish a Lexus lease from 2010, paid on time and actually paid off a little early

However, I had a repo in 2009 (repo'd but in the end included in bk)

So do you think the bk on my CR will affect my down?

I've never had a car dealership tell me that I had to put a certain % down payment.

If it were me, I'd use the $ down towards a new Toyota Camry or similar type of nice car... no need to go with a luxury car since your interest rate will probably not be ideal.

I realize though that your needs are different than mine. The down payment amount you mentioned, 5k-8k seems very reasonable for the price of the car you are buying.

I'm buying a new Volvo, and I'm putting down a deposit of 2k (at time of order), plus $1,690 cash and the auto loan financing check from NFCU for 45k. Also will be paying Tax, title, liscensing fees out of pocket when the vehicle arives in the USA. Purchase price of 48,690

In 2009 I bought my first volvo, a CPO car for 19k, and put 2k down, this was with a repo from 2006 on my credit report, and no auto loan since then. (I drove a company vehicle from 2006-2009)

Re: Do you HAVE to put down 20 %

blackie1 — Thu, 15 Nov 2012 01:29:05 GMT

How did you get a lease on a Lexus in 2010 after a repo and a bankruptcy in 2009, How did that affect your "Dowm"?

Andy77 wrote:
My concern is that they will see the bk from 2009 and they will say you have to at least put down 20 %
I did just finish a Lexus lease from 2010, paid on time and actually paid off a little early

However, I had a repo in 2009 (repo'd but in the end included in bk)

So do you think the bk on my CR will affect my down?

Re: Do you HAVE to put down 20 %

Andy77 — Thu, 15 Nov 2012 17:26:51 GMT

I got the Lexus lease because my father was the co-signer. I sticker on the 2010 is-250 was 43k

I put down about 4500, 330 per month were my payments.

The finance manager at the time said I could have done the lease on my own, but my down and payments would have been very high

Re: Do you HAVE to put down 20 %

tooleman694 — Mon, 19 Nov 2012 16:29:00 GMT

Its whatever the LTV is for that lender is for your credit teir.

for good to great credit LTV is over 100 percent..

Re: Do you HAVE to put down 20 %

webhopper — Tue, 20 Nov 2012 00:08:01 GMT

Ditto to what tooleman694 said. My LTV with navy fed can be up to 125% if I wanted to finance the tax title and liscense fees.

I chose not to. I am financing 45k and I am paying 3690 out of pocket because I'm most comfortable with that.