Auto Navigator - Dealer increased down payment

[Blitz1030]

Went to a dealership with Cap One pre-qualification.  They did a hard pull and the dealer wanted 3k more on the down payment then what it said online was needed for that exact car. I get it is only a pre-qualification but it seemed excessive on an inexpensive car.  

I walked and told them to not to run my credit on anything else.  Has anyone had this issue?

[TattnallTrio]

I was a salesman at Billion Auto a few years ago and often times they'd ask for a larger down payment to add in additional profitable extras. Everything in the Manager's Office was about increasing the Gross Profit per deal. 

For example, let's say that your approval with CapOne says that the monthly payment can not be more than 400 but the manager wants to sell you a $2,500 interior and dent protection package and a $2,500 extended warranty, then naturally he's going to ask for more money down to add at least one or the other of these items in. 

This is probably a blessing in disguise that you walked from this dealer before you really got hosed. 

[Blitz1030]

Thanks.  The only thing I added was gap and I would have had no issue paying that in cash.  My approval thru CapOne was 50k so I know they approved me for more than a $350 car payment.  This would have been a 30% downpayment and I know all my scores because I updated them on myfico last night after the inquiry:

FIico eq5/tu4/ex2 scores are 671,679 and 647. 

My fico auto 8 scores are 700, 699, and 653

My fico auto 9s are 677, 656, and 622. 

This is a second auto loan, but it just seemed excessive.  Debt to income isn't an issue, I only have one car payment and student loans and make $125k base with 15k bonus already paid year to date and another one at year end. 

They seemed like they were trying to make money on their side so I walked.  We put less down on my husbands 35k note with lower scores.  I figure I will just apply for another loan before shopping again, but I didn't want all the inquiries on my report. 

[Shooting-For-800]

I had no issues with buying a new car with Cap One prequal.

I got the same APR (2.49%), same terms (72 months), and same down payment ($0) as prequal.

I had no POI requirements.

My prequal was for more than the car.

It could not have gone any smoother.

Call Capital One and find out...

GL!

[Anonymous]

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@Blitz1030 wrote:

Thanks.  The only thing I added was gap and I would have had no issue paying that in cash.  My approval thru CapOne was 50k so I know they approved me for more than a $350 car payment.  This would have been a 30% downpayment and I know all my scores because I updated them on myfico last night after the inquiry:

FIico eq5/tu4/ex2 scores are 671,679 and 647. 

My fico auto 8 scores are 700, 699, and 653

My fico auto 9s are 677, 656, and 622. 

This is a second auto loan, but it just seemed excessive.  Debt to income isn't an issue, I only have one car payment and student loans and make $125k base with 15k bonus already paid year to date and another one at year end. 

They seemed like they were trying to make money on their side so I walked.  We put less down on my husbands 35k note with lower scores.  I figure I will just apply for another loan before shopping again, but I didn't want all the inquiries on my report. 

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I had the same issue using auto navigator 3 years ago, so I used another lender of my choice instead. Then 1 year later refinanced the car to CapOne at a lower rate than through the initial pre approval.

[Shooting-For-800]

I forgot to add that Cap One terms VARY depending on how good the car deal is.

So...if you are looking at an over priced car, you WILL pay more one way or the other for the loan.

I got over 20% off on my deal so I got the lowest rate for the longer time with no money down.

However, when I changed the price on the same car, I could see the rates change.

GL!