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Who receives the down payment for a vehicle?
I'm putting $5,000 down on a $25,000 vehicle. I'm wondering who gets the check. Does my lender or the dealer receive the down payment?
Scott Michonski Testing · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congratulations on your new car!
When you put a
down payment
on a car, the dealer is the one who gets it. You’ll want to make your check out to them. Since the dealership gets your down payment, you often are eligible for extra incentives or discounts if you pay a higher amount.
As the remaining $20,000 is financed through your lender, they will pay the dealership directly.
Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
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