Several recent observational studies have concluded that the initial mass function (IMF) of stars varies systematically with galaxy properties such as velocity dispersion. In this paper, we investigate the effect of linking the circular velocity of galaxies, as determined from the Fundamental Plane and Tully–Fisher relations, to the slope of the IMF with parametrizations guided by several of these studies. For each empirical relation, we generate stellar masses of ∼600 000 Sloan Digital Sky Survey galaxies at z ∼ 0.1, by fitting the optical photometry to large suites of synthetic stellar populations that sample the full range of galaxy parameters. We generate stellar mass functions and examine the stellar-to-halo mass relations using sub-halo abundance matching. At the massive end, the stellar mass functions become a power law, instead of the familiar exponential decline. As a result, it is a generic feature of these models that the central galaxy stellar-to-halo mass relation is significantly flatter at high masses (slope ∼−0.3 to −0.4) than in the case of a universal IMF (slope ∼−0.6). We find that regardless of whether the IMF varies systematically in all galaxies or just early types, there is still a well-defined peak in the central stellar-to-halo mass ratio at halo masses of ∼1012 M⊙. In general, the IMF variations explored here lead to significantly higher integrated stellar densities if the assumed dependence on circular velocity applies to all galaxies, including late-types; in fact the more extreme cases can be ruled out, as they imply an unphysical situation in which the stellar fraction exceeds the universal baryon fraction.