Yeah no that's a bunch of bullshit. A downpayment reduces the amount you have to take out in a loan.

If they didn’t credit you for the money you gave them then they stole from you.

But, I would double check … because $4k will barely cover the taxes and fees these days. Is it possible the $4k was applied but none of it actually went towards the base cost of the car itself?

Your down payment does not get credited against the loan. The loan is the amount of the purchase price after deducting the down payment. The dealership gets the down payment from you and the loan proceeds from the lender.

Down payments don't get credited to a loan.

The loan amount is the price of the car MINUS your down payment.

Example:

Car Price : 20,000

Down Payment: 5,000

Your loan amount should be 15,000

The down payment doesn't get credited to your loan because it was never part of the loan. You only borrow the part you don't pay up front for.

For example let's say a car costs $10,000 and you put $2,000 down.

Your loan will be for $8,000. The down payment goes directly to the purchase price it's never part of the financing.

Ok so I got absolutely robbed I’m currently trying to get a copy of the original finance contract from the dealership how can I start the process off getting it back

> I’m just looking for guidance

Its not a thing. The person on twitter put down a deposit to hold the car, then found 100% LTV financing at a bank.

Since the car was 100% financed, she gets her deposit back.

This means there was never a downpayment

I highly doubt you got robbed, you are likely not interpreting the numbers correctly. The sales contract will lay everything out.

Maybe I am is there anyway once I get the paperwork I can block out personnel information and ya can show me where I’m misunderstanding

If a car is $20,000 and you put down $4,000, then your loan is for $16,000. There's no "credit against the loan."

See I gave them 4K and I was still financed for the 28 the car was listed for instead of 24k

They didn’t I was financed the original asking price that didn’t have 4K subtracted

When did you finance, and why do you not still have your own copy?

Anyway, the numbers should all add up very clearly. There should be a line by line breakdown of what it is that you're paying for.

Most of the time with threads like these, it turns out that the OP signed up for a warranty plan and didn't realize it. Those can usually run a few thousand, so that may very well be what happened. If that turns out to be what happened with you, you can usually cancel those warranties.

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u/henrykringle6000 is saying your $4k probably covered the taxes owed. So the financed amount most likely is what the asking price was.

Never get rid of the paperwork when buying a car. They don’t have to provide you copies after the fact so you are at their mercy to actually provide it.

I’m not gonna lie to you I just turned 21 I don’t know much about finances and just recently took an interest in it cuz I’m welding now and I wanna secure my future and lost my paperwork when I was moving out my mom can’t find it either

How were the taxes and fees paid?

Thank you for letting me know I’ll take this information and definitely use it in future financial decisions I appreciate it and thank you for replying

Taxes and fees probably ate close to $3,000 of that. Did you buy an extended warranty or protection plan? That would eat up the rest of it.

No sir I already have a speciality shop that works on my car so I didn’t opt in for anything or that they did give me a warranty that lasted 30 days at no cost to me

Understood. Just try not to panic. As everyone is saying, it's highly unlikely that you actually got screwed here (well...not more screwed than a dealership is normally expected to screw, anyway). The "missing" $4,000 is almost certainly various taxes and fees, and possibly some type of warranty. The taxes and fees you can't do anything about, that's a part of buying a car, but if you did sign up for some sort of warranty, you may be able to cancel that.

Yep, if the sticker price is $40k … then there is probably $4k in taxes and fees. So, total cost is $44k. With $4k down you finance $40k

Thank you I’m not l trying to panic that’s just a sizable amount of money for someone in my position and age I just wanna make sure my hard earned money was used and applied properly and didn’t just line someone’s pockets as a bonus

It was 28k not sure if that information is relevant to how much taxes and fees should have added up too this late I just wish I wasn’t so misinformed 😅

Were there dealer fees, taxes, or registration fees? Did you read the fine print?

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Was $28k the total sale price reported on the purchase agreement? Looks like this: https://www.amazon.com/Vehicle-Automotive-Purchase-Agreement-Dealership/dp/B08V9K7NL8

Or was the $28k the total cost of credit on the Truth In Lending Disclosure? Looks like this: https://i0.wp.com/massrealestatelawblog.com/wp-content/uploads/sites/9/2011/03/TIL-Photo.jpg

They should have handed you an envelope with a carbon copy of the sales agreement. It’s not in your glovebox?

No that’s the packet of paper that got lost while moving I didn’t keep it in my car cuz of the sensitive information but I definitely didn’t have it put away properly and I really regret that currently seeing if the dealership is willing to provide me with a copy its been less then a year so there is no way that they trashed it but they are apparently not required to share that with me so I’m hoping that they will give me that information

They probably charged add-ons as well… wheel locks, all weather floormats, paint protection, etc, etc. That’s how they make their money.

This should have been caught when the finance manager and the accounting office did the deal. And the accounting figures should be on the invoice you received when you picked up the car. If you don't have it call and ask the office manager for it, it will show what happened to your 4000 or whatever the amount was that you put down.

The bill of sale should have everything broken down. It is possible they messed up, pull the paperwork and check.

>once I get the paperwork

Bro you got the paperwork already, they gave you a copy when you got the car. Did you get rid of it?

I did it got lost in the process of moving I asked my mother if she had it I looked everywhere and can’t find it

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