Moderator Emeritus
webhopper
Posts: 7,225
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)


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