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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)

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