@JReneex Yeah thatโs different they can only get away with that if you donโt read the sales contract before signing and honestly most people donโt. They hear their payment and just say okay to everything else. 9 times out of 10 a dealer marked up the rate 1-3%
So much misinformation. You arenโt paying to secure a loan (that is definitely illegal) You are meeting the banks terms. You want a 30k car but the bank only approved 25k you need to put down 5k.
You know down payments on cars illegal right ? And you paying the dealership not the bank . Thatโs why pre-approvals from banks donโt require you to place a down payment
@JReneex All you have to do is ask to see the approval, youโll see the buy rate and youโll also see any stipulations that the banks put. Putting money down makes a dealership less money because you are financing less. The more money financed the more they get on the back end from the bank