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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 goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare information at no cost to help you make financial decisions with confidence. 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 products that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not contain the universe of companies or financial offerings that might be open 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 about a range of subjects, including savings tips, banking 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 passionate about helping readers gain confidence to take control of their finances by providing precise, well-studied information that breaks down complicated subjects into digestible pieces. The Bankrate promise

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If you have questions about money. Bankrate can help. Our experts have helped you understand your money for more than four years. We strive to continuously provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors and reporters produce honest and reliable content to help you make the right financial choices. The content created by our editorial team is factual, objective, and not influenced by our advertisers. We’re open about the ways we’re capable of bringing high-quality content, competitive rates, and useful tools for our customers by describing how we make money. is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services or when you click on certain links posted on our website. Therefore, this compensation may affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home lending products. Other factors, like our own website rules and whether a product is available within your area or at your personal credit score can also impact how and where products appear on this site. Although we try to offer a wide range offers, Bankrate does not include details about each credit or financial item or product. After working with a dealer, you can drive away in your brand new or newly-purchased vehicle confidently. Even though the financing isn’t accepted yet, spot delivery allows you to drive your brand new vehicle off the dealership right away. However, a few days later you receive a call that no one wants to get: the loan isn’t working. If you are in this predicament the next step should be to determine whether there’s an issue with the information on your application that caused the denial or if you’ve fallen victim to a scam involving delivery on the spot. Can you be denied the car loan following preapproval? Although the likelihood of it happening due to an actual reason is extremely small, it could happen after driving off the lot. Here are some typical reasons for this: You lost your job. The lender is likely to verify your employment while making your application for financing. If they’re unable to confirm your employment due to being fired, laid off or resigned, your application might be rejected. Your income went down. It could be due to an employment change or a reduction in hours by your employer or a reduction in hours by your employer, the lender could decide that you can pay the monthly car payments and decline your auto loan. Your application contains unverifiable information. Are there typos on your application? Did you get a new job or relocate after you were preapproved to get an auto loan? All of these are reasons for the lender to decline your loan in the event that you fail to notify them of the changes. There are also instances that your loan could go through because of a spot delivery fraud. If this happens you’ll have to act swiftly to rectify the issue to avoid becoming a next time a victim. Look for signs of a spot delivery scam When dealers allow spot delivery, that means you can drive off in your car the day after you sign the paperwork. But the actual financing of the loan isn’t likely to be finished in the foreseeable future. That’s especially true if you come to an end of the day when banks are closing. Check out how the dealer responds. If the dealer is threatening to declare the vehicle stolen or take the vehicle back immediately, then you’re probably dealing with a fraud. It is crucial to note the fact that there is no guarantee all sales are scams. Mistakes can happen. In fact, a legitimate dealer could permit delivery on the spot, but they may make an error with your calculator in your loan application which leads to the deal falling through. If a dealer can reasonably assume that a buyer wouldn’t be approved and requires the buyer to resign for the vehicle with a higher rate of interest or else, something is likely to be happening. Examine the original documents Take a look through the purchase documents. If there was the ‘Seller’s right to Cancel’ or ‘Limited Right to Cancel’ form, you are likely a victim of a scam. Also known as a ‘Seller’s Right to Cancel’ , these documents permit the seller to proceed with an ‘bait and switch’ scenario. Essentially, that means you will be asked to make a payment that is higher than the set price of the vehicle. Fortunately, these types of documents are illegal in most states. If you do find one among the mountains of documents you completed, it’s likely that you’re dealing with a shady seller. What to do if you’ve been scammed ? The sad truth is that scammers exist in almost every industry. Dealerships in particular are no exception. If you’ve fallen victim of a fraud involving delivery to the point, gather all of your original paperwork. Contact an office at . At that point, officials will be able to help you navigate your choices at a specific state level. In some cases, the investigators might request a timeline of events relating to your car purchase. It is recommended to note down every aspect of the process. Otherwise, it can be difficult to put the details together later. How can you protect yourself in the future If you find yourself the victim of a spot delivery scam There are steps you can take to prevent this from happening again in the future. Be skeptical of advertisements by dealers in the automotive industry. Always read the fine print in order to know more about the savings and rebates the dealer is promoting. Many come with conditions that could make them unavailable to you. Find dealerships you can work with A quick internet search can assist you in finding a dealership that is in your neighborhood with the most favorable customer reviews. Avoid dealerships that have a lot of negative reviews or that have reputations for having scams. If something about a dealer makes you uncomfortable, find someone else to do business with. Make arrangements for financing directly through the lender Instead of relying on the dealer to finance via a bank, credit union or online lender. Before heading to the dealership to make sure you get the best deal on financing. Be patient when buying an automobile isn’t easy Don’t 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 happy with the idea of waiting until your loan is accepted, processed and financed for you to take off in your new vehicle. But, avoiding spots can eliminate the chance of being a victim of a scam involving a delivery spot. The bottom line is that a spot delivery scam can be financially and emotionally taxing. If you are looking to purchase an automobile, the most effective option is to get finance directly from the lender. Don’t depend upon dealer-financed financing. Dealer financing is not only generally more expensive however, you’ll also be exposed to the risk of being a victim of a spot delivery fraud. Therefore, if you’re searching for a trustworthy lender to work with, take a look at . Learn more


The article was written by a contributing writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of topics, such as 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 readers gain the confidence to take control of their finances through giving clear, well-studied facts that break down otherwise complex topics into manageable bites.

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