What to do when a car dealer says your financing fell through Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with financial calculators and interactive tools as well as publishing quality and impartial content. We also allow you to conduct your own research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies that compensate us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial deals that could be accessible to you. MoMo Productions/Getty Images
4 min read. Published August 11, 2022
The article was written by Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of topics, such as banking, savings tips homeownership, homebuying and personal finance. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee
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This compensation could influence the manner, place and in what order items are listed and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own rules for our website and whether or not a product is offered in the area you reside in or is within your self-selected credit score range could also affect how and where products appear on this site. We strive to provide the most diverse selection of products, Bankrate does not include specific information on each credit or financial products or services. After having a relationship with a dealer you’re able to drive off in your new or new-to-you vehicle confidently. While the financing hasn’t been approved quite yet, the spot delivery option allows you to take your new vehicle off the lot in a matter of minutes. But a few days later you get a phone call that no one wants to receive: Your financing is not approved. If you are in this predicament the next step must be to determine if there’s a flaw in the application that led to the rejection or if you have fallen victim to a scam involving delivery on the spot. What happens if you are denied the car loan following preapproval? While the probability of it happening due to the reason that is legitimate is low, you can even after driving off the lot. There are a few common reasons why the job was terminated. The lender is likely to verify your employment while applying for funding. If they’re unable confirm your employment status due to terminated, laid off or quit, your application may be rejected. Your income went down. It could be due to changes in your job or reductions in working hours from your employer The lender might decide that you are no longer afford the monthly car payments and decline you an auto loan. Your application contains unverifiable information. Are there any mistakes in your application? Did you find another job or relocate after you were preapproved by the auto loan? All of these are reasons for the lender to deny your loan when you did not inform them of the modifications. However, there are instances when your loan may fall through due to a spot-delivery fraud. If this happens, you’ll want to take swift action to have the situation rectified and avoid being a next time a victim. Look for signs of frauds involving spot delivery. When dealers allow spot delivery, that means that you are able to drive away with your vehicle on the day after you sign the paperwork. However, the actual funding of the loan may not be complete in the foreseeable future. This is particularly the case if you are an after the banks are closed. See how the dealer reacts If the dealer is threatening to report the vehicle as stolen or take the vehicle back immediately, then you are probably dealing with a fraud. However, it is important to note that not all spot sales are scams. Mistakes can happen. A legitimate dealer might permit delivery at the spot but an error in your calculator on your loan application that leads to the deal falling through. If the dealer could reasonably assume that a buyer wouldn’t be accepted and asks the buyer to sign for the vehicle at a higher interest rate, then something fishy is likely to be happening. Look at the original documents Take a look at the original purchase documents. If you saw a ‘Seller’s Right to Cancel’ or ‘Limited Right to Cancel’ form, you’re probably to be a victim of fraud. Otherwise known as , these documents allow the seller to pursue an ‘bait and switch’ scenario. This means you’ll be required for a higher amount than what was previously set price of the vehicle. Fortunately, these types of documents are illegal in most states. However, if you discover an exception in the pile of documents that you initially signed, it’s likely you are dealing with an unscrupulous seller. What should you do if you’ve been victimized The reality is that there are scammers in almost every industry. And car dealerships are no exception. If you are a victim of a scam involving delivery on the spot take all your original paperwork. Then, contact the department of . At that point, authorities will be in a position provide you with choices at a specific state level. In some instances, authorities may request a timeline of events relating to your car purchase. In that case, it’s an ideal idea to note down every aspect of the process. In the event that you don’t, it will be difficult to piece the details together later. How to protect yourself from further harm should you’re in the middle of a scam involving delivery on the spot, there are steps you can take to avoid the same situation to avoid it again in the near future. Be wary of ads from car dealerships Always read the fine print to learn more about the rebates and savings that the dealership is advertising. Many come with conditions that could make them unavailable to you. Find dealerships you can work with A quick search on the internet can aid you in finding a dealer within your region that has the highest ratings from customers. Avoid dealerships that have a lot of negative reviews or have a reputations for having scams. If anything about a dealership makes you uncomfortable, find another dealer to conduct business with. Make arrangements for financing directly through a lender Instead of relying on dealers for financing, through a bank, credit union or online lender. You can before heading to the car dealership ensure you get the most competitive rate on financing. Make sure you take your time when purchasing an automobile can be a chore Don’t do the paperwork in a hurry or sign without reading the fine print before signing the deal done. Do not take a spot-delivery You might not be thrilled with the idea of waiting until your loan is approved, processed and funded for you to take off in your new vehicle. But, staying clear of spot deliveries will eliminate the possibility of a spot delivery scam. The bottom line: A spot delivery scam can be emotionally and financially draining. If you are looking to purchase car, the best choice is to secure financing directly from the lender. Don’t rely in dealer finance. Not only is dealer financing typically more costly, but you’ll also face the possibility of being caught in a spot delivery fraud. If you’re seeking a reliable lender to partner with, check out . Learn more
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Writing by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of topics, such as banking, savings tips, homebuying, homeownership and personal finance. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers achieve confidence in taking charge of their finances by providing well-studied, clear details that cut complex topics into manageable bites.
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