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Auto Loan & Down Payment?

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Valued Member

Auto Loan & Down Payment?

This is a stupid question, but  but I've only had one auto loan before and let the dealer do all the work.

 

So If I'm using a credit union for a loan & giving the dealer a check, do I give the bank my down payment or the dealer?

21y/o trying to become an elite credit queen by 25.
Current: June 2019 EX 715; TU 723; EQ 720
Starting Score: TU 748; EQ 743; EX 739
Goal: 760 all round

Discover IT: (3.9k) Cap 1 QuicksilverOne: (4k) WF College Visa: (1700) Alphaeon: (14k) Credit One: (500) Nordstrom: (10k) VS Angel: (1.5k) BMW Financial Auto Loan (35k) ~ (Paid in full & Closed)
AAoA: 1y 11m
AoOA: 3y 9m
2 REPLIES 2
Regular Contributor

Re: Auto Loan & Down Payment?

If car costs $25k out the door and your draft is $20k, you give dealer the $5k.
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Valued Contributor

Re: Auto Loan & Down Payment?

The CU is paying the difference of your total purchase and what you paying as down payment.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $250k+ unsecured credit in 2019.

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