What is a vehicle down-payment?
A vehicle down-payment receipt is a written record of the initial payment from a buyer to seller towards the purchase of a vehicle. A down-payment is a percentage of the total amount of the vehicle and is only made after a purchase contract has been agreed upon. While the contract will have information regarding the down-payment, the buyer would be wise to ask for a down-payment receipt. The receipt will have information that only pertains to the initial payment made towards the vehicle.