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 aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements 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 are from companies that compensate us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other products for home loans. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be open to you. MoMo Productions/Getty Images

4 min read. Published August 11 2022

Sarah Sharkey Written Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a range of topics, including banking, savings tips homeownership, homebuying, and personal financial matters. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee

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You have money questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four decades. We strive to continuously give our customers the right advice and tools required to be successful throughout their financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial decisions. The content created by our editorial staff is objective, factual and is not influenced from our advertising. We’re transparent regarding how we’re able to bring quality content, competitive rates and useful tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services or through you clicking certain hyperlinks on our site. So, this compensation can impact how, where and when products are listed and categories, unless it is prohibited by law for our mortgage, home equity and other home lending products. Other elements, such as our own website rules and whether or not a product is available within the area you reside in or is within your own personal credit score could also affect how and where products appear on this site. We strive to provide an array of offers, Bankrate does not include details about every credit or financial product or service. After working with a dealer you drive off in your new or new-to-you vehicle with confidence. Although the financing hasn’t been approved quite yet, spot delivery permits you to drive your brand new vehicle off the lot right away. Then, after a few days you get a phone message that nobody wants to receive: Your financing is not approved. If you’re in this uncomfortable position the next step must be to determine whether there is a problem with the information on your application that caused the denial or if you’ve become a victim to a scam involving delivery on the spot. What happens if you are denied an auto loan following preapproval? Although the likelihood of it happening for an actual reason is extremely low, you can even drive off the lot. Here are some common reasons the job was terminated. The lender will likely check your employment while making your application for financing. If they’re not able to verify your employment status due to terminated, laid off or resigned, your loan application could be denied. Your income went down. Whether it’s the result of a job change or reduction in your hours at work by your employer, the lender might decide that you are no longer afford the car payment each month and refuse your auto loan. Your application contains unverifiable information. Do you have any errors on your application? Did you get a new job or relocate after getting preapproved by an auto loan? This is a reason to the lender to deny your loan in the event that you fail to inform them of the modifications. However, there are instances when your loan may fall through because of a spot delivery fraud. If this happens you’ll have to act swiftly to correct the issue and avoid falling victim in the future. Be aware of signs that indicate spot delivery scams when the dealer permits spot delivery, that means you can leave with your vehicle on the day after you sign the papers. But the actual financing of the loan may not be complete in the foreseeable future. That’s especially the case if you are an after the banks are closed. See how the dealer reacts If the dealer threatens to declare the vehicle stolen or repossess the vehicle immediately, then you’re probably dealing with a fraud. However, it is important to keep in mind that not all spot delivery scams are frauds. Mistakes can happen. And a legitimate dealer may permit delivery on the spot, but they may make an error with your calculator in your loan application that leads to the loan being denied. If the dealer is able to suppose that a buyer would not be approved at the and requires the buyer to resign for the vehicle at a greater interest rate, then something fishy is likely to be going on. Examine the original documents Take a look through the purchase documentation. If there was an ‘Seller’s Rights to Cancel’ or ‘Limited Right to Cancel’ form, you’re likely to be a victim of a scam. These documents allow the seller to engage in the bait and switch method. Essentially, that means you’ll be required to pay more than what was previously set price of the vehicle. Luckily, these kinds of documents are prohibited in the majority of states. But if you find an exception in the pile of paperwork you originally signed, it’s likely that you’re dealing an unscrupulous seller. What do you do if been victimized The reality is that there are scammers in nearly every industry. Car dealerships aren’t an exception. If you’ve fallen victim of a spot delivery scam take all the original documents. Contact the department of . At that point, staff will have the ability to guide you through your choices at a specific state level. In certain instances, authorities may request a timeline of events relating to your car purchase. In that case, it’s a good idea to immediately record every detail of the process. Otherwise, it could be difficult to put the information later. What can you do to safeguard yourself in the future If you are being the target of scam involving delivery on the spot There are steps you can take to prevent this from happening again for the future. Be skeptical of advertisements by car dealerships Always read the fine print in order to know more about rebates of savings the dealer is advertising. Some come with terms that may make them inaccessible to you. Look into dealerships that you could work with. A quick search on the internet can assist you in finding a dealership in your area with the most favorable customer reviews. Avoid dealerships with several negative reviews or have a an image of having shady deals. If something about a dealer isn’t comfortable, look for another dealer to conduct business with. Make arrangements for financing directly through the lender instead of relying on the dealer to finance or through a bank credit union, or online lender. Before heading to the car dealership ensure that you are getting the best price on financing. Be patient when buying a car can be a chore Don’t rush through the paperwork or sign it without understanding the fine print before signing the deal completed. Avoid a spot delivery You might not be thrilled with the idea of having to wait around until the loan is completed, approved and paid before you can drive away in your new vehicle. But, staying clear of spot deliveries will eliminate the possibility of scams involving spot deliveries. The bottom line A spot delivery scam could be emotionally and financially taxing. If you are looking to purchase a vehicle, the best option is to get financing directly from the lender. Don’t depend upon dealer-financed financing. Not only is financing from dealers generally more expensive and risky, but you also have the possibility of a spot delivery scam. So, if you are searching for a trustworthy lender to work with, check out . Find out more


The article was written by a contributing writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a range of topics, such as banking, savings tips homeownership, homebuying, and personal financial matters. 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 get the confidence to take control of their finances by giving clear, well-studied facts that break down otherwise complex subjects into bite-sized pieces.

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