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who determines down payment?

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who determines down payment?

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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Valued Contributor

Re: who determines down payment?

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.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
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Member

Re: who determines down payment?



@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?



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.
FICO TU 07/04/08-704,08/04/08-684,9/13/08-708 ;EQ 07/03/08-676,08/04/08 706,09/13/08-706;EX 07/04/08-682,08/04/08 668,09/13/08-694
Message 3 of 4
Established Contributor

Re: who determines down payment?

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
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