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Established Contributor
Andy77
Posts: 563
Registered: ‎10-02-2007

Do you HAVE to put down 20 %

 

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!

 

 

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012

Re: Do you HAVE to put down 20 %

*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*

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: Do you HAVE to put down 20 %

+1

Established Contributor
Andy77
Posts: 563
Registered: ‎10-02-2007

Re: Do you HAVE to put down 20 %

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?

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Do you HAVE to put down 20 %

[ Edited ]

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)


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Valued Member
blackie1
Posts: 36
Registered: ‎06-26-2012

Re: Do you HAVE to put down 20 %

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?


 

2fst4u
Established Contributor
Andy77
Posts: 563
Registered: ‎10-02-2007

Re: Do you HAVE to put down 20 %

 

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

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Do you HAVE to put down 20 %

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

 

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

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Do you HAVE to put down 20 %

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.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
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