@Travis-84 wrote:[quote]If you put down a substantial downpayment and ultimately get whacked, you lose the value of your equity. You might think it is better not to put any money down in order to hedge your bets. Or wrong?[/quote]
I guess it depends on how accident prone you are and what your interest rate is.
If I could get 0% APR, I would put as little down as possible, make minimum payments, then put extra money in saving account. This would give me more flexibility if I really needed the money for something else.
If my APR was 20%,(for the sake of discussion, lets assume I HAD to buy that car) I would put down as much as possible, and pay if off as fast as possible.
I actually bought a used car a few years ago, and it was totaled about 30 days after I bought it. They offered me 750 less than I paid for it, even though I showed them that I bought it 30 days ago. They wouldn't budge, so I called them up to see if I was eligible for a rental car, and I was eligible for 40.00 a day for 30 days. I told them I would rent the car for 30 days so I could consider their offer. Since a rental car would have cost them 1200, they overnighted me a check for the amount I was asking.
Nice move! 
APPROVING BANK
F Police credit union
BUREAU PULLED: Equifax
CREDIT SCORE: 717
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2011
F Police credit unionBUREAU PULLED: Equifax
CREDIT SCORE: 717
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2011
MAKE: Chevy
MODEL: Camaro
MILEAGE: 65
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 35,500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 3.49
MONTHLY PAYMENT: 650 and change
MISCELLANEOUS COMMENTAR: I have been a long time lurker on this site and I just wanted to share. My equifax score on myfico was 695 but the dealer said it was 717 with them. I qualified for s tier with gmac now ally @ 3.89%. Called my credit union and got approved for a little lower 3.49%.
MILEAGE: 65
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 35,500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 3.49
MONTHLY PAYMENT: 650 and change
MISCELLANEOUS COMMENTAR: I have been a long time lurker on this site and I just wanted to share. My equifax score on myfico was 695 but the dealer said it was 717 with them. I qualified for s tier with gmac now ally @ 3.89%. Called my credit union and got approved for a little lower 3.49%.
APPROVING BANK: Municipal Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 669
CUSTOMER STATE OF RESIDENCE: New York
NEW/USED: New
YEAR OF VEHICLE: 2011
MAKE:. Ford
MODEL: Fiesta SEL
MILEAGE: 16
RETAIL/LEASE: $18,860 MSRP, Paid $18,486 with Ford X Plan discount.
AMOUNT OF LOAN: $18,900
TERM CONTRACTED: 72
APR/LEASE RATE: %4.9
MONTHLY PAYMENT: $315
MISCELLANEOUS COMMENTARY: My first new car!!! Thank you My Fico community for helping me reach this goal! (And yes, I did buy a pink car. )
@Anonymous wrote:APPROVING BANK: Hyundai Motor FinanceBUREAU PULLED: EQCREDIT SCORE: EQ 723,TU 742 (both Auto Enhanced)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2010
MAKE: Hyundai
MODEL: Elantra
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 7500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 3.9
INCOME: $25,000MONTHLY PAYMENT: 138.01
MISCELLANEOUS COMMENTARY: Base model 13,584 after 2500 cash rebate. 14,718 TTL. Myfico: EQ 716,TU745 Util 3% Only one previous auto loan paid off early in 2004 after 24 mos. Drove multiple makes/models/dealers/new/used before allowing credit pulls. Local CU 4.99% and my bank was 10.1% so passed on those. Financed to get installment loan on my credit. Debt free except for this loan. Will pay off early at 24 to 30 mos. Replaced my recently totaled 01 Corolla. This forum helped this senior lady survive dealership shopping without too much psychological/financial damage.
Ma'am, I;ve never heard it put quite that way before, but when I think about it, a trip or two to the dealership does peg the stress meter and you can often walk away feeling beaten up and abused.
I'm really glad it worked out for you and you got a good deal.
That is great on a credit score of 619. Do you have previous car loan history? I want the M37 S and I'm bringing at least $15,000 down because my credit is only 630. This gives me hope! I cannot wait 
Thanks for the post!!!
