who determines down payment?

[CreditDrama85]

im a little confused. who determines how much of a down payment the buyer has to put down when closing an auto loan? i know a lot of times, the dealer will try to get you to put down as much as you can, but who actually controls it? the dealer or the finance company?

[Anonymous]

You, the buyer controls the down payment amount..............I've bought 3 cars in my lifetime, 2 of them with $0 down.....Both of those times the dealer tried to make me put $500 bucks as a DP, but I didn't have it at the time.........They sold me the cars without anything down.

I don't recommend buying a car if you don't have any money to put down, but sometimes the situation calls for it.

[Anonymous]

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@CreditDrama85 wrote:

im a little confused. who determines how much of a down payment the buyer has to put down when closing an auto loan? i know a lot of times, the dealer will try to get you to put down as much as you can, but who actually controls it? the dealer or the finance company?

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It depends on your credit sometimes...not so good credit may require you to put up to $1000.00 mandatory(sometimes more depending on the rate approved & vehicle you are trying to purchase).There are however those dealers who will try to get you to put cash down when it was not really a requirement from the lender as a way to get more money on the back when they write up your rate.

[CreditDrama85]

yeah. thanks, i was just wondering. a dealer i thought i could rely on--- totally jerked me around. it pays to be informed.

Message Edited by CreditDrama85 on 07-31-2008 12:11 AM