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Old 01-05-2013, 06:41 PM   #1
yellowrs
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Is there a cap on how much you can put down on a Camaro

when financing it from the dealership?
It seems they do not allow you to put more than 20%.
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Old 01-05-2013, 06:44 PM   #2
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Quote:
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when financing it from the dealership?
It seems they do not allow you to put more than 20%.
I have never heard of a maximum you can put down, only a minimum.
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Old 01-05-2013, 06:46 PM   #3
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What? Never heard of that in my life.


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Old 01-05-2013, 06:46 PM   #4
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I put down about 70% on mine with no problems
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Old 01-05-2013, 06:48 PM   #5
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If they give you crap, put 100% down! (at another dealer)
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Old 01-05-2013, 06:53 PM   #6
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Quote:
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when financing it from the dealership?
It seems they do not allow you to put more than 20%.
The bigger the loan the dealer presents to the bank , the bigger will be the kickback , $$$$ , that's what I wm talking about .
In another words , the bigger the loan , more money in interest one pays to the bank , the bigger the $$$ in kickback from the bank to the dealer , it's just money .
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Old 01-05-2013, 06:53 PM   #7
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If they give you crap, put 100% down! (at another dealer)

I rather keep my money in the bank
Thanks for all the replies.
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Old 01-05-2013, 06:54 PM   #8
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?? How could they cap your down payment, that's stupid and not correct.

I put 100% down so I don't think so...
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Old 01-05-2013, 06:55 PM   #9
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Sounds like bull to me!!!!
they get a payback from the bank that us why they would say that!
I got a new car once they gave me 1/2 the pay back and I paid it off after 30 days
The dealership did not get the pay back untill the loan hit 30 days .
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Old 01-05-2013, 06:57 PM   #10
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Sounds like bull to me!!!!
they get a payback from the bank that us why they would say that!
I got a new car once they gave me 1/2 the pay back and I paid it off after 30 days
The dealership did not get the pay back untill the loan hit 30 days .
Huh?


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Old 01-05-2013, 07:00 PM   #11
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Finance with a bank or credit union, not through the dealer.
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Old 01-05-2013, 07:02 PM   #12
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I rather keep my money in the bank
Thanks for all the replies.
Well , you may have a good reason for that , but if you can get a loan for less than what you may get from ,let's say a CD ~~.125( 1/8 ) % for 48/60 go ahead with that .
But if it's like above 3% I don't know , and of course there are others issues that only you know , so ,good luck with your new toy .
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Old 01-05-2013, 07:04 PM   #13
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Yeah, i agree

I put 100% when I bought my Camaro a month ago. Most dealerships make their money on used cars as compared to new anyway. (i could be wrong)
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Old 01-05-2013, 07:15 PM   #14
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Quote:
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when financing it from the dealership?
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Finance with a bank or credit union, not through the dealer.
Dealers don't finance automobiles.

They might help arrange financing for you through one of their partner financial institutions though.
And in doing so, they very well could make $$ on the deal.
The more you finance, the more the lender might pay the dealer.

You can avoid all of that by paying cash.
Since that isn't an option for most buyers, the next best thing is to have your financing "pre-approved" by your own bank or credit union.
Now all you have to negotiate with the dealer, is the selling price of the vehicle.
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Old 01-05-2013, 07:21 PM   #15
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i put down 20k
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Old 01-05-2013, 08:01 PM   #16
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I put down about 40 pct. Find another dealer.
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Old 01-05-2013, 08:05 PM   #17
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That is where some people think they get a better deal paying cash. Not always true. Negotiate the total price first, letting them assume you are financing. Then write a check. If they KNOW you are financing, they will make more money. (usually through back-ending the loan)
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Old 01-05-2013, 08:13 PM   #18
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I don't know about a cap, but banks usually have a minimum they will finance. It becomes a different category of loan in most cases once it gets low enough I wouldn't know if that's 10k, 5k or what but I'm sure it depends on the bank.


so I could see a person not being able to finance if they have bad credit or something as they would have a smaller pool to choose from, and if the left over is below the minimum then it would get kicked back.
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Old 01-05-2013, 08:17 PM   #19
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I just paid a few thousand with trade in to get my payment down and qual for 0% loan. Seems like anyone who can pay cash should qual for a 0% loan and that should be the way to go.
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Old 01-05-2013, 08:21 PM   #20
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The dealership makes money on the financing. Probably why. I'd go to another dealer. They are about the money, not you. That just made it to obvious to me... I'd walked my a$$ right out... Signs of how your future will be dealing with that dealership.... Expensive!
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Old 01-05-2013, 08:24 PM   #21
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I put $29,000 down and financed $5,000.
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Old 01-05-2013, 08:25 PM   #22
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A Dealer like any other business has bills to pay........................cash is paramount to cash flow. In able a dealer avoid late charges, financing, penalties and interest on the cost inherent to their entire business operations ( Yes dealers owe creditors just like car buyers do). It would be silly and a poor business practice to turn away someone capable and willing to pay cash or as much as possible as a down payment. OP You'd be the ideal customer~ and a dealer can arrange financing for any amount that you can't put down whether its a single dollar or more.
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Old 01-05-2013, 08:32 PM   #23
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Yeah I can't see there being any max....only a minimum.
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Old 01-05-2013, 08:41 PM   #24
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Originally Posted by Elykson View Post
Finance with a bank or credit union, not through the dealer.
Ding! Ding! Ding! By far dayum good advice!

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Old 01-06-2013, 09:49 AM   #25
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Quote:
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when financing it from the dealership?
It seems they do not allow you to put more than 20%.

I think you are mistaken is all I can say, and if that IS their rule then don't buy a car from them plain and simple. Sometimes a salesman might not look into the best interests of the finance company, as in.... he would rather you put $1000 down, finance the rest and sell you some gap insurance.

The larger the down payment, the less risk for the finance company.
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