Garner, NC asked in Consumer Law for North Carolina

Q: my ssn and credit and also trading my vehicle. They are still asking for a cash down payment. How should I cite TILA?

By law am I required to still put a cash down payment?

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1 Lawyer Answer
Lynn Ellen Coleman
Lynn Ellen Coleman
  • Licensed in North Carolina

A: A car dealer can still require a cash down payment even when you trade in the car. The TILA disclosures should credit the trade in allowance and the cash down payment against the purchase price and tax, title and license.

TILA does not mean they cannot require a cash down payment. TILA stands for Truth In Lending Act where they must disclose the finance charge (interest rate) the number of payments, amount of monthly payment, and the full amount you pay including interest over the life of the loan.

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