and when is the first payment usually due?
2006-11-22 15:29:00 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
a deposit is like earnest money ,so THE DEALER knows you are serious,DOWN PAYMENT is to show the LENDING institution you are serious and it is AFTER the deal is structured you bring in your down payment and you get your monthly payment book-deposit is like the 2009 camaro is going to be UBER HOT so you put down a deposit today to hold your spot in the line-hope this helps
2006-11-22 15:35:29 · answer #1 · answered by badmts 4 · 0⤊ 0⤋
Similar but not the same.
A deposit will hold a car for you and is usually refundable if you don't buy it. It can also be used as a downpayment if you buy the car.
A down payment is cash or trade money against the selling price of the purchased vehicle. For example, the car has a selling price of $20,000, your down payment or trade in is valued at $3000, you still owe or finance $17,000.
The lender (bank you get the loan from) usually decides when your first payment is due, usually 30 days but some will go 45 days.
2006-11-22 15:37:08 · answer #2 · answered by mazdaparts 3 · 0⤊ 0⤋
a deposit is nothing more than a act on your part to show good faith that you're a serious buyer. Normally it is non-refundable and it may or may not be applied to the purchase price.
A down payment is part of a contractual agreement to buy , it does apply to the purchase price, and is refundable under certain conditions - like the seller guarantees the car to pass a mechanical inspection, and it fails.
When financing an auto loan, the 1st payment can be negociated,, it's usually 30-45 days after the loan transaction is made.
2006-11-22 15:38:47 · answer #3 · answered by tee_nong_noy 3 · 0⤊ 0⤋
a deposit is used to secure the buying. A down payment is what you would pay the first time and every so often till it is paid for.
2006-11-22 15:37:47 · answer #4 · answered by The Main Man at Yahoo 4 · 0⤊ 0⤋
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2016-11-26 02:31:36 · answer #5 · answered by ? 3 · 0⤊ 0⤋
a deposit means payin for it all @ once and payment down means that you pay for it little by little bit by bit
2006-11-22 15:34:36 · answer #6 · answered by village idiot 6 1 · 0⤊ 1⤋
deposit just holds the car, see if it is applied to the balance due or if it is nonrefundable
2006-11-22 15:36:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
they are the same thing i believe!
2006-11-22 15:30:02 · answer #8 · answered by Anonymous · 0⤊ 0⤋