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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, publishing original and objective content. This allows users to conduct research and compare information at no cost and 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 website are provided by companies who pay us. This compensation could affect how and when products are featured on this website, for example such things as the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home lending products. But this compensation does not influence the content we publish or the reviews that you read 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

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. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-researched and accurate information that breaks down complex topics into manageable bites. The Bankrate guarantee

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There are money-related questions. Bankrate can help. Our experts have been helping you manage your money for over four decades. We are constantly striving to give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and precise. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial choices. The content created by our editorial staff is objective, factual, and not influenced through our sponsors. We’re transparent regarding how we’re in a position to provide quality information, competitive rates and useful tools for you , by describing how we earn our money. is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or through you clicking certain links posted on our website. This compensation could affect the way, location and in what order products are listed, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, like our own website rules and whether a product is offered in your region or within your own personal credit score could also affect how and where products appear on this site. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit item or product. After working with a dealer, you can drive away in your new or new-to-you car with confidence. Even though the financing isn’t approved yet, the spot delivery option allows you to take your new vehicle off the dealership in a matter of minutes. However, a few days later you get a phone message that nobody wants to receive: Your financing has fallen through. If you’re in this predicament, your next step should be to determine whether there is a problem with the application that resulted in the denial or if you have fallen victim to a scam involving delivery on the spot. Can you be denied an auto loan following preapproval? Although the likelihood of it happening for the reason that is legitimate is minimal, it is possible to be denied leave the lot. There are a few common reasons why you may lose your job. The lender will likely verify the status of your employment before making your application for financing. If they’re not able to verify your employment due to being terminated, laid off or quit, your application could be denied. 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 no longer afford the monthly car payments and decline you an auto loan. Your application contains unverifiable information. Are there any mistakes on your application? Did you find a new job or relocate after getting approved to get car loan? This is a reason for the lender to refuse your loan in the event that you fail to inform them of your modifications. However, there are instances when your loan may fall through due to a spot-delivery fraud. In this case you’ll need to act swiftly to correct the issue to avoid becoming a next time a victim. Look for signs of spot delivery scams when dealers allow spot delivery, that means you can drive off in your vehicle the day after you sign the paperwork. But the actual financing of the loan might not be completed just yet. This is especially the case if you are an agreement with the bank after they have closing. See how the dealer reacts If the dealer is threatening to declare the vehicle stolen or repossess the vehicle immediately, then you’re likely dealing with a scam. It is crucial to note there are exceptions to spot delivery scams are scams. Mistakes can happen. And a legitimate dealer may allow spot delivery but make a calculator error on your loan application which leads to the deal falling through. If a dealer can reasonably assume that a buyer wouldn’t be accepted and asks the buyer to sign to purchase the car with a higher rate of interest there is something suspicious likely going on. Check the original documents. Look at the original purchase documents. If you saw the ‘Seller’s right to Cancel’ or ‘Limited Right to Cancel’ form, you’re probably to have been a victim of a scam. These documents permit the seller to engage in the bait and switch method. In essence, this means that you will be asked to pay more than what was previously set price of the vehicle. Luckily, these kinds of documents are not legal in all states. If you do find an exception in the pile of paperwork you originally signed, it’s likely that you’re dealing with an unscrupulous seller. What should you do if you’ve 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, gather all of your original paperwork. Contact the department of . In this instance, the staff will have the ability to provide you with options at a state-specific level. In some cases, the authorities may request the timeline of events related to your car purchase. With that, it is recommended to record every detail of the process. Otherwise, it could be difficult to piece the information later. How to protect yourself from future harm if you’re being the target of scam involving delivery on the spot There are ways to prevent this from happening again for the future. Be cautious about advertisements from dealers in the automotive industry. Always read the fine print in order to know more about the rebates and savings that the dealership is advertising. There are many conditions attached to them that could make them unavailable to you. Research dealerships to work with A quick search on the internet can aid you in finding a dealer in your area with the best customer reviews. Avoid dealerships with a number of negative reviews or that have an image of having shady deals. If anything about a dealership isn’t comfortable, look for another dealer to conduct business with. You can arrange financing directly with a lender instead of relying on the dealer to finance via a bank, credit union or online lender. Before heading to the dealership to ensure that you are getting the most competitive rate on financing. Take your time Although buying a car isn’t easy Don’t hurry through the paperwork or sign the contract without reading the fine print to ensure you get the deal completed. Do not take a spot-delivery You might not be happy by the thought of waiting until the loan is accepted, processed and financed before you can drive away in your brand new car. However, avoiding spot deliveries could eliminate the risk of being a victim of a scam involving a delivery spot. The bottom line is that a spot delivery scam could be emotionally and financially draining. If you are seeking an automobile, the most effective choice is to secure finance directly from the lender. Don’t rely upon dealer-financed financing. Not only is dealer financing often more expensive and risky, but you also have the possibility of a spot delivery fraud. Therefore, if you’re seeking a reliable lender to work with, look into . Learn more


The article was written by a contributing writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of topics, including savings tips, banking homeownership, homebuying and personal finances. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing well-studied, clear facts that break down otherwise complicated topics into digestible pieces.

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