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Good info all around. Another way of looking at it is: the bank will loan 95% of the MSRP, with the loan NOT to exceed $40,000 (to include TTL and negative equity).
The key factor is the '15/'16 Mustang MSRP. So... if:
1) The Mustang MSRP is $45k, 95% LTV is $42.7k. The bank will lend $40k
If the negotiated sale price is $37k, then TTL and negative equity may be covered by the $40k loan, or minimze your down payment.
2) The Mustang MSRP is $38k, 95% LTV is $36.1k. The bank will lend you $36.1k
If the sale price is $37k, then you will require a down-payment to cover the loan and sale price difference, as well as TTL and negative equity.
Thank you Hoya08 for the info. Yeah my plan is to somehow get the whole loan with me being able to put the least amount possible down.