Is putting a downpayment when Buying a Car illegal?

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[Dannysphotography]

well i just got my downpayment back lol

[jss.]

Wonder why she would think that they aren't allowed to take down payments

[robertocollazoibarra]

People who can’t put a down payment can’t afford the car they are trying to get. Come on people live within your means

[aleighb]

This is what happens when you listen to a social media personality instead of getting the proper information. A down payment is used when the loan is for less than the vehicle or if you choose to put one. If the car is $25K and you only get approved for $20K, where is the other $5K supposed to come from then??

[nicolejacobs]

A dealership is not the lender loosen up that tie💪🏽💪🏽💪🏽 the finance company is the “lender” and 9x outta 10 they don’t ask for a downpayment DONT believe me go finace a car and before it’s finalized after they Shit you some crappy ass numbers ask to speak to the finance manager regarding the loan ASK ABOUT THE DOWNPAYMENT THEY ARE REQUIRING🤣🤣🤣 THE RESPONSE IS GOING TO BE IT WASNT REQUIRED!!! What just happened is their going to put it on your installment contract as downpayment but in actuality it’s played off as if you volunteered the payment ( YOU GET IT)… Let’s be real if I don’t have to put down a downpayment why would I volunteer one and it’s only gonna take $20 off 🧐 exactly

[matthewhummel]

A down payment only helps you out in the long run. It lessens the amount you have to borrow, which in turn, lowers your monthly payment. Do they really not teach this stuff anymore?

[ThomasKuttner-gfwo]

It actually true when financing a vehicle you do not have to make a down payment dealers and people that paid will claim that it's part of the process if you except it if it weren't true the government wouldn't have paperwork to file to have payments reimbursed the grimy people who want you to beleive that profit from it

[Raeeban]

I guarantee you with a 800 credit score you can walk out of there with nothing down ….obviously if your credit is garbage you are not getting approved without some type of collateral. Financing a car is no different from a personal loan and honestly not too far off from a home loan ….what makes a home loan so damn hard is the financial institution is saying they are trusting you with a lot of money and a promise to pay for the next 30 years As opposed to a 5 year loan

[jayd]

They think they’re entitled so they’ll make up anything

[turtlebro]

Also it helps lower your monthly payment

[josephmccauley]

People are so freaking dumb. I have heard this exact speech from multiple people and it amazes me each and every time that they interpret that law to mean that it's illegal to accept a down payment. Furthermore, the law is not even worded the way she stated it. Man, it literally baffles me that people can be so desperate to get over.

[retrostarfighter]

I always thought down payments helped you qualify for whatever entity was financing the remaining balance usually to show good faith for credit and then it helps you have a lower interest and monthly payment. I don't see how the law can come into play on this though.

[slicknick]

You're incorrect 😂😂 the whole automobile system has played heavily into the fraud within the credit system for years and many people who know consumer law have when about this correctly and owned Cara for free after paying down payments and even sued

[LUISGOMEZ-bjuc]

Car dealerships are just a bad experience most of the time for people always getting ripped off in every way possible...

[mamaafrika]

Can you provide the law that backs what you said in your response so that I can research it?

[transferlynx]

Stupidity is just crawling out of the woodworks nowadays. It is intertaining though.

[ravenandthestranger]

The down payment is sometimes required by the lender, not the dealership. Down payments are a regular part of getting any loan.

[RuggedRoughneck]

And now your payment is $900.00 a month! congrats!

[parkerisonfire]

When making YouTube videos you don’t have to tell the truth, you just have to say things without looking at the facts

[crelloc]

That’s that dumb look on your face when you don’t know consumer law.