i dont know the specifics but i am farmiliar with the program, basiclly it's for new college grads who have not yet established credit or have very little car credit.... but a 40% down payment will greatly increase your odds, i doubt you will even need a co-signer as most first time new car buyers often do.... if the car is $20000 and your putting down $9000, you will only be financing $11k, which will be better for you.. i would hold off on telling the sales person about your big down payment, so it doesnt influence the final negotioated price... work the deal, get a number set , then let them know what your throwing down. and also , since you are a first time buyer , your interest rate may be a little high, what i would do, if i were in your position, is pay an extra $30 or so on every note for the first 10 months, you will eliminate the accrued interest and lower the debt, and your equity will be in good standing, and after the 10 months is done, refinance through a nother bank...