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Asked: Jun 11, 2008 - 05:38 PM

Status: Closed

When financing part of the purchase price, when does the down payment get paid?

Purchasing a used car from a dealer who arranged financing. They want down payment and bank paperwork, which will then go to bank. After bank processes paperwork and issues payment to dealer, title would be transferred.

In Buying & Selling > Car Financing
1 answer - 531 days ago

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bandit10

Date: Jun 11, 2008
Time: 08:45 PM

The down payment would go to the dealer. But I would just put down an ernest money deposit on the vehicle, with notation that if for any reason the bank denies you the credit you'll get your ernest money deposit back.

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