Typical down payment
Racer
Joined: Jul 2024
Posts: 376
Likes: 319
From: Texas
Well, there's down payments and there's deposits. For a down payment, that should be as high as possible so your monthly payment isn't too crazy and the interest you'll pay is low as possible.
But dealers will normally require a deposit, to make sure you are serious about buying this car they are ordering for you, and this will also go towards paying for the car when it's time. My dealer required me to give them $5K once the allocation came in. Some will require more, some do it based on a percentage of the car's final MSRP after options.
The bad thing about these deposits is they're usually non-refundable. Maybe at some dealers they're not, but mine is. And this sucks b/c it keeps me from trying to get my allocation from multiple dealers since I'm waiting for one of the two aero packages which is hard to get. But as it is now, I am stuck with one dealer hoping they get it (they have in the past so I'm not worried, just don't know how long it'll be). BTW, they have my deposit b/c originally I had a 2025 order/allocation but then gave it up for a 2026. Since they already had my deposit it was no big deal.
But dealers will normally require a deposit, to make sure you are serious about buying this car they are ordering for you, and this will also go towards paying for the car when it's time. My dealer required me to give them $5K once the allocation came in. Some will require more, some do it based on a percentage of the car's final MSRP after options.
The bad thing about these deposits is they're usually non-refundable. Maybe at some dealers they're not, but mine is. And this sucks b/c it keeps me from trying to get my allocation from multiple dealers since I'm waiting for one of the two aero packages which is hard to get. But as it is now, I am stuck with one dealer hoping they get it (they have in the past so I'm not worried, just don't know how long it'll be). BTW, they have my deposit b/c originally I had a 2025 order/allocation but then gave it up for a 2026. Since they already had my deposit it was no big deal.
Melting Slicks
Joined: Jun 2007
Posts: 2,693
Likes: 1,812
From: Myrtle Beach SC/Charlotte NC
Well, there's down payments and there's deposits. For a down payment, that should be as high as possible so your monthly payment isn't too crazy and the interest you'll pay is low as possible.
But dealers will normally require a deposit, to make sure you are serious about buying this car they are ordering for you, and this will also go towards paying for the car when it's time. My dealer required me to give them $5K once the allocation came in. Some will require more, some do it based on a percentage of the car's final MSRP after options.
The bad thing about these deposits is they're usually non-refundable. Maybe at some dealers they're not, but mine is. And this sucks b/c it keeps me from trying to get my allocation from multiple dealers since I'm waiting for one of the two aero packages which is hard to get. But as it is now, I am stuck with one dealer hoping they get it (they have in the past so I'm not worried, just don't know how long it'll be). BTW, they have my deposit b/c originally I had a 2025 order/allocation but then gave it up for a 2026. Since they already had my deposit it was no big deal.
But dealers will normally require a deposit, to make sure you are serious about buying this car they are ordering for you, and this will also go towards paying for the car when it's time. My dealer required me to give them $5K once the allocation came in. Some will require more, some do it based on a percentage of the car's final MSRP after options.
The bad thing about these deposits is they're usually non-refundable. Maybe at some dealers they're not, but mine is. And this sucks b/c it keeps me from trying to get my allocation from multiple dealers since I'm waiting for one of the two aero packages which is hard to get. But as it is now, I am stuck with one dealer hoping they get it (they have in the past so I'm not worried, just don't know how long it'll be). BTW, they have my deposit b/c originally I had a 2025 order/allocation but then gave it up for a 2026. Since they already had my deposit it was no big deal.
Drifting
Joined: Jan 2023
Posts: 1,759
Likes: 1,494
2024 C8 of the Year Winner - Unmodified
Well, there's down payments and there's deposits. For a down payment, that should be as high as possible so your monthly payment isn't too crazy and the interest you'll pay is low as possible.
But dealers will normally require a deposit, to make sure you are serious about buying this car they are ordering for you, and this will also go towards paying for the car when it's time. My dealer required me to give them $5K once the allocation came in. Some will require more, some do it based on a percentage of the car's final MSRP after options.
The bad thing about these deposits is they're usually non-refundable. Maybe at some dealers they're not, but mine is. And this sucks b/c it keeps me from trying to get my allocation from multiple dealers since I'm waiting for one of the two aero packages which is hard to get. But as it is now, I am stuck with one dealer hoping they get it (they have in the past so I'm not worried, just don't know how long it'll be). BTW, they have my deposit b/c originally I had a 2025 order/allocation but then gave it up for a 2026. Since they already had my deposit it was no big deal.
But dealers will normally require a deposit, to make sure you are serious about buying this car they are ordering for you, and this will also go towards paying for the car when it's time. My dealer required me to give them $5K once the allocation came in. Some will require more, some do it based on a percentage of the car's final MSRP after options.
The bad thing about these deposits is they're usually non-refundable. Maybe at some dealers they're not, but mine is. And this sucks b/c it keeps me from trying to get my allocation from multiple dealers since I'm waiting for one of the two aero packages which is hard to get. But as it is now, I am stuck with one dealer hoping they get it (they have in the past so I'm not worried, just don't know how long it'll be). BTW, they have my deposit b/c originally I had a 2025 order/allocation but then gave it up for a 2026. Since they already had my deposit it was no big deal.
They became non-refundable when the order got accepted by GM( aka 2000 status code).
Le Mans Master
Joined: Sep 2012
Posts: 8,782
Likes: 145
I am curious for those who have recently financed through GM, AND got a decent discount on the car, what the rate was and how much they wanted down to get the best rate.
...For those of use who like to keep our money in the market making more money and not have it tied up as dead equity in a car any longer than necessary.
...For those of use who like to keep our money in the market making more money and not have it tied up as dead equity in a car any longer than necessary.
Safety Car
Joined: Jun 2006
Posts: 4,007
Likes: 1,487
From: Ashland, OH
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Safety Car
Joined: Jun 2006
Posts: 4,007
Likes: 1,487
From: Ashland, OH
I am curious for those who have recently financed through GM, AND got a decent discount on the car, what the rate was and how much they wanted down to get the best rate.
...For those of use who like to keep our money in the market making more money and not have it tied up as dead equity in a car any longer than necessary.
...For those of use who like to keep our money in the market making more money and not have it tied up as dead equity in a car any longer than necessary.
On your second statement that’s apples and oranges or chocolate vs vanilla.
Le Mans Master
Joined: Sep 2012
Posts: 8,782
Likes: 145
Again, assuming starting from an already decent discount on the car also required.
Racer
Joined: Nov 2008
Posts: 310
Likes: 24
From: Minnesota
850 credit score, and whatever minimum loan to value (or minimum down payment) that would be wanted by the dealer to get the best available rate, would be the thresholds I'm interested in.
Again, assuming starting from an already decent discount on the car also required.
Again, assuming starting from an already decent discount on the car also required.
There are people out there with very high credit scores that can't finance much of anything. There are many factors. Credit score, employment history/income, credit card balances, number of open credit lines, debt-to-income ratios, age (yes this could be considered discrimination, but I promise you that underwriters consider it), etc.
Le Mans Master
Joined: Sep 2012
Posts: 8,782
Likes: 145
There are no specific rules... however, generally speaking, typically with a high score and low debt to income ratio, they don't care much about down payment; you're either approved or you're not and the rate is the rate (although if financing through a dealer, always push for a better rate! They sometimes have flexibility...and they don't really care about down payment either). However, if your debt to income ratio is high, they will want more down to lower your total monthly nut, and you may have to show where that down payment cash is coming from (not robbing Peter to pay Paul); they will see this as a higher risk loan, and the rates will likely reflect that. Each individual situation is different, and there is no magic formula from bank to bank.
There are people out there with very high credit scores that can't finance much of anything. There are many factors. Credit score, employment history/income, credit card balances, number of open credit lines, debt-to-income ratios, age (yes this could be considered discrimination, but I promise you that underwriters consider it), etc.
There are people out there with very high credit scores that can't finance much of anything. There are many factors. Credit score, employment history/income, credit card balances, number of open credit lines, debt-to-income ratios, age (yes this could be considered discrimination, but I promise you that underwriters consider it), etc.
I'm reading about GM offering 0, .9%, etc on certain vehicles; I haven't seen the Corvette mentioned specifically, but I'm wondering if they are allowing you to "double dip" right now or not. Obviously anything below market rates is actually subsidized by GM and is effectively a further discount past what they are giving you off the top, if they are allowing that.
Race Director
Joined: Nov 2017
Posts: 12,759
Likes: 10,655
From: Prosper TX/Austin TX
2020 C6 of the Year Winner - Modified
Unless you're ordering an ugly spec that will sit on their lot forever, a deposit shouldn't be needed.
Safety Car
Joined: Jun 2006
Posts: 4,007
Likes: 1,487
From: Ashland, OH
850 credit score, and whatever minimum loan to value (or minimum down payment) that would be wanted by the dealer to get the best available rate, would be the thresholds I'm interested in.
Again, assuming starting from an already decent discount on the car also required.
Again, assuming starting from an already decent discount on the car also required.
Instructor
Joined: Dec 2024
Posts: 152
Likes: 106
It really depends on the dealer and your location.
No mans land Chevy dealership probably won't special order you a 160K car without a down payment/deposit and probably nonrefundable. As that becomes an issue for them if you back out. Probably even ask to run a credit check on you before hand also.
Higher volume dealer, anywhere from 0 to 10K. I'd say many dealerships on average it is around 5K for Z06 and it becomes nonrefundable once it is accepted by GM. If you have a long standing relations with a dealership, zero down or something like 500 bucks is very common.
No mans land Chevy dealership probably won't special order you a 160K car without a down payment/deposit and probably nonrefundable. As that becomes an issue for them if you back out. Probably even ask to run a credit check on you before hand also.
Higher volume dealer, anywhere from 0 to 10K. I'd say many dealerships on average it is around 5K for Z06 and it becomes nonrefundable once it is accepted by GM. If you have a long standing relations with a dealership, zero down or something like 500 bucks is very common.