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 financial calculators and interactive tools, publishing original and objective 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 agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies who pay us. This compensation could affect how and where products appear on this website, for example such things as the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial deals that could be accessible 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 variety of topics, including savings, banking, homebuying, homeownership and personal financial matters. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate promise

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Therefore, this compensation may impact how, where and in what order items are listed, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, like our own proprietary website rules and whether or not a product is available in your region or within your personal credit score could also affect the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include specific information on every financial or credit product or service. After working with a dealer, you drive off with your brand-new or used vehicle with confidence. While the financing hasn’t been approved quite yet, spot delivery permits you to get your new car off the lot immediately. Then, after a few days you get a phone call that no one wants to hear: your loan isn’t working. If you’re in this uncomfortable position the next step must be to determine whether there’s an issue with the information on your application that led to the rejection or if you have fallen victim to a spot delivery scam. What happens if you are denied a car loan following preapproval? Although the likelihood of it happening due to a legitimate reason is very low, you can even leave the lot. Here are some typical reasons for this you may lose your job. The lender will likely check your employment when making your application for financing. If they’re unable confirm your employment because you were fired, laid off or resigned, your loan application could be denied. Your income went down. If it’s due to a job change or reduction in your hours at work by your employer or a reduction in hours by your employer, the lender may decide you can no longer afford the car payment each month and decline you an auto loan. Your application contains unverifiable information. Are there any mistakes on your application? Did you get a new job or relocate after getting approved for an auto loan? All of these are reasons for the lender to deny your loan in the event that you fail to inform them of your modifications. There are also instances when your loan may fall through due to a spot-delivery fraud. In this case, you’ll want to act quickly to rectify the issue and avoid falling victim in the future. Check for indicators of spot delivery scams when the dealer permits spot delivery, which means you can leave in your vehicle the day after you sign the paperwork. However, the actual funding of the loan isn’t likely to be finished at this point. This is particularly relevant if you get to an after the banks are closed. Watch how the dealer reacts. If the dealer is offering to declare the vehicle stolen or repossess the vehicle immediately, then you’re probably dealing with a fraud. It is crucial to remember there are exceptions to 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, which results in the loan being denied. If a dealer can reasonably assume that a buyer wouldn’t be accepted and asks the buyer to sign for the vehicle with a higher rate of interest, then something fishy is likely to be going on. Check the original documents Take a look over the initial purchase papers. If there was a ‘Seller’s Right to Cancel’ or ‘Limited Right to Cancel’ form, you’re probably a victim of a scam. These documents allow the seller to proceed with a bait and switch scenario. Essentially, that means you’ll have to make a payment that is higher than the previously agreed price of the car. Fortunately, these types of documents are prohibited in the majority of states. If you do find an exception in the pile of paperwork you originally signed, it’s likely that you’re dealing with a shady seller. What do you do if been scammed ? The sad truth is that scammers exist in nearly every industry. And car dealerships are no exception. If you’ve been the victim of a fraud involving delivery to the point take all your original paperwork. Then, contact an office at . The officials will be able to provide you with options at a state-specific level. In certain instances, investigators might request an outline of the events that led to the purchase of your vehicle. With that, it is an ideal idea to record every detail of the process. Otherwise, it can be difficult to put the information later. How to protect yourself from further harm should you’re in the middle of a scam that involves delivery on-site, there are actions you can take to avoid this ordeal to avoid it again in the near future. Be cautious about advertisements from dealerships for cars. Read the fine print to find out more about rebates of savings that the dealership is advertising. Many come with conditions that may make them inaccessible to you. Research dealerships to work with A quick internet search can assist you in finding a dealership that is in your neighborhood with the best customer reviews. Avoid dealerships with a number of negative reviews or with a a reputation for shady deals. If something about a dealer causes you to feel uncomfortable, locate someone else to do business with. Make arrangements for financing directly with a lender Instead of relying on a dealer for financing or through a bank credit union, or online lender. Before heading to the car dealership ensure you get the best deal on financing. Make sure you take your time when purchasing an automobile isn’t easy do not hurry through the paperwork or sign it without understanding the fine print to ensure you get the deal completed. Don’t take a spot delivery You might not be thrilled with the idea of having to wait around until the loan is accepted, processed and financed before you can drive away in your new car. But, avoiding spots can eliminate the chance of a spot delivery scam. The bottom line A spot delivery scam can be emotionally and financially draining. If you are in the market for an automobile, the most effective choice is to secure finance directly from the lender. Don’t depend upon dealer-financed financing. Not only is dealer financing typically more costly, but you’ll also face the risk of being a victim of a spot delivery fraud. If you’re looking for a reputable lender to work with, look into . Find out more


Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of topics, including banking, savings tips homeownership, homebuying, and personal financial matters. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are enthusiastic about helping readers gain the confidence to take control of their finances through providing well-studied, clear information that breaks down otherwise complicated topics into digestible pieces.

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