I have a low FICO (around 550) and want to buy a new car that's $21k. There's a $3500 rebate out on the car and a $3500 employee cash discount that I get for buying th is specific brand. If I take that $7000 and apply it all towards the car and possibly kick in another $1000 or $2000, does anyone think I have a chance of getting an approval? Is the employer cash discount counted towards the downpayment....does anyone know?
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If it's an actual cash discount, then it should be netted from the sales price, and not shown as cash downpayment.
The $3500.00 rebate would be seperately disclosed as an actual rebate and show as a down payment.