1 year agoWhat to do when a car dealer says your financing fell through Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content. This allows you to conduct your own research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. But this compensation does affect the information we provide, or the reviews you see on this site. We do not contain the universe of companies or financial offerings that might be available 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 subjects, including savings tips, banking, homebuying, homeownership and personal finances. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and accurate information that breaks down complicated topics into bite-sized pieces. The Bankrate promises

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You have money questions. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We strive to continuously provide consumers with the expert guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial choices. Our content produced by our editorial team is factual, objective, and not influenced by our advertisers. We’re transparent about how we are in a position to provide quality content, competitive rates, and useful tools for our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may affect the way, location and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage or home equity products, as well as other home loan products. Other factors, such as our own website rules and whether a product is available in your region or within your self-selected credit score range can also impact the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include information about each credit or financial item or product. After working with a dealer, you can drive away with your brand-new or used vehicle confidently. Even though the financing isn’t approved quite yet, the spot delivery option allows you to get your new vehicle off the lot in a matter of minutes. However, a few days later, you receive a message that nobody wants to hear: your financing isn’t working. If you’re in this predicament, your next step should be to determine whether there is a problem with the information in your application that resulted in the denial or if you’ve become a victim to a spot delivery scam. Are you able to be denied a car loan following preapproval? Though the chance of this happening due to the reason that is legitimate is small, it could happen after driving off the lot. Here are some typical reasons for this the job was terminated. The lender is likely to verify your employment while processing your application for funding. If they’re unable to confirm your employment because you were fired, laid off or quit, your application might be rejected. Your income went down. It could be due to changes in your job or reductions in hours by your employer or a reduction in hours by your employer, the lender may decide you can not afford the monthly car payments and deny your auto loan. Your application contains unverifiable information. Are there any mistakes in your application? Have you gotten a new job or relocate after you were approved for car loan? These are all reasons to the lender to deny your loan in the event that you fail to inform them of the modifications. There are also instances where your financing could fall through due to a spot-delivery scam. In such a case you’ll have to act swiftly to have the situation rectified to avoid becoming a again a victim. Look for signs of a spot delivery scam When dealers allow spot delivery, this means you can drive off in your vehicle the day after you sign the papers. However, the actual financing of the loan isn’t likely to be finished just yet. This is particularly true if you come to an end of the day when banks are closing. See how the dealer reacts If the dealer is threatening to declare the vehicle stolen or to take possession of the vehicle immediately, then you’re probably dealing with a fraud. However, it is important to keep in mind there are exceptions to spot deliveries are scams. Mistakes can happen. And a legitimate dealer may permit delivery at the spot but an error with your calculator in your loan application that leads to the deal being rejected. If a dealer can reasonably assume that a buyer wouldn’t be approved and asks the buyer to sign to purchase the car with a higher rate of interest there is something suspicious likely to be happening. Examine the original documents. Take a look over the initial purchase documents. If there was the ‘Seller’s right to Cancel’ or ‘Limited Right to Cancel’ form, you are likely to have been a victim of a scam. Otherwise known as , these documents leave room for the seller to proceed with an ‘bait and switch’ scenario. In essence, this means that you’ll have for a higher amount than the previously set price of the vehicle. Luckily, these kinds of documents are not legal in all states. However, if you discover one among the mountains of paperwork you originally completed, it’s likely that you’re dealing an untrustworthy seller. What do you do if been scammed The unfortunate reality is that scammers exist in almost every industry. Dealerships in particular are no exception. If you’ve fallen victim of a spot delivery scam take all your original paperwork. Then, contact the department of . In this instance, the staff will have the ability guide you through your options on a state-specific basis. In certain instances, investigators might request a timeline of events relating to your car purchase. In that case, it’s a good idea to immediately note down every aspect of the process. Otherwise, it could be difficult to piece the details together later. What can you do to safeguard yourself from future harm if you are being the target of scam that involves delivery on-site, there are ways to prevent this from happening again for the future. Be skeptical of advertisements by dealerships for cars. Read the fine print in order to know more about rebates of savings the dealer is advertising. Many come with conditions that could make them unavailable to you. Find dealerships you can work with A quick internet search can help you find a dealership within your region that has the best customer reviews. Avoid dealerships with several negative reviews or that have reputations for having scams. If something about a dealer isn’t comfortable, look for an alternative to deal with. Make arrangements for financing directly with an online lender instead of using a dealer for financing via a bank, credit union, or online lender. Before you go to the car lot to make sure you get the most competitive rate on financing. Make sure you take your time when purchasing a car can be a chore, don’t do the paperwork in a hurry or sign it without understanding the fine print to get the deal done. Do not take a spot-delivery You might not be thrilled by the thought of having to wait around until the loan is approved, processed and funded before you can drive away in your new car. However, avoiding spot deliveries could eliminate the risk of scams involving spot deliveries. The bottom line: A spot delivery scam could be emotionally and financially taxing. If you’re seeking an automobile, the most effective choice is to secure credit directly through the lender. Don’t rely in dealer finance. Not only is dealer financing generally more expensive however, you’ll also be exposed to the risk of being a victim of a spot delivery scam. Therefore, if you’re seeking a reliable lender to partner with, look into . Find out more


Writing by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of subjects, including savings, banking homeownership, homebuying, and personal finances. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping their readers gain the confidence to take control of their finances by giving clear, well-studied facts that break down complicated topics into digestible pieces.

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