Reply
Established Contributor
Posts: 677
Registered: ‎10-02-2007
0

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
Posts: 560
Registered: ‎09-29-2012
0

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
Posts: 1,837
Registered: ‎08-20-2012
0

Re: Do you HAVE to put down 20 %

+1

Established Contributor
Posts: 677
Registered: ‎10-02-2007
0

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 Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

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)


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?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Member
Posts: 36
Registered: ‎06-26-2012
0

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
Posts: 677
Registered: ‎10-02-2007
0

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
Posts: 2,297
Registered: ‎08-25-2011
0

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 Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

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?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.