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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 smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as such things as 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 lending products. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not contain the entire universe of businesses 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 range of topics, such as savings, banking homeownership, homebuying and personal finances. 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 confidence to manage their finances through providing concise, well-researched and accurate information that breaks down otherwise complex topics into manageable bites. The Bankrate promises

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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 decades. We strive to continuously give our customers the right advice and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our content is honest and precise. Our award-winning editors and reporters create honest and accurate information to assist you in making the right financial decisions. The content we create by our editorial team is honest, truthful and uninfluenced from our advertising. We’re transparent regarding how we’re able to bring quality content, competitive rates and helpful tools to our customers by describing how we earn our money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services or through you clicking certain hyperlinks on our site. Therefore, this compensation may influence the manner, place and in what order products appear within listing categories, except where prohibited by law. We also offer mortgage home equity, mortgage and other home lending products. Other elements, such as our own rules for our website and whether a product is offered in your area or at your personal credit score can also impact the manner in which products are featured on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. After working with a dealer, you drive off in your new or new-to-you vehicle with confidence. While the financing hasn’t been approved quite yet, the spot delivery option allows you to take your new car off the lot immediately. However, a few days later, you receive a message that nobody wants to get: the loan has fallen through. If you are in this uncomfortable position the next step should be to determine if there’s a flaw in the information on your application that resulted in the denial or if you have fallen victim to a scam involving delivery on the spot. Are you able to be denied the car loan after preapproval? While the probability of this happening due to an actual reason is extremely low, you can even after driving off the lot. There are a few common reasons why: You lost your job. The lender will likely check the status of your employment before making your application to finance. 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. Whether it’s the result of a job change or reduction in working hours from your employer The lender might decide that you are pay the monthly car payments and decline the auto loan. Your application contains unverifiable information. Are there typos on your application? Did you get another job or relocate after being approval to get car loan? This is a reason for the lender to refuse your loan if you failed to inform them of your changes. However, there are instances where your financing could fall through due to a spot delivery fraud. If this happens you’ll have to act quickly to rectify the issue and avoid falling next time a victim. Be aware of signs that indicate frauds involving spot delivery. When dealers allow spot delivery, that means that you are able to drive away in your car the day after you sign the papers. However, the actual financing of the loan might not be completed in the foreseeable future. That’s especially true if you come to an after the banks are closed. Watch how the dealer reacts. If the dealer is threatening to report the vehicle as stolen or take the vehicle back immediately, then you are likely to be dealing with a scam. It is crucial to keep in mind that not all spot delivery scams are frauds. Mistakes can happen. A legitimate dealer might permit delivery on the spot, but they may make an error with your calculator in your loan application, which results in the loan being denied. If the dealer is able to believe that a buyer won’t be approved and requires the buyer to resign to purchase the car at a greater interest rate or else, something is likely to be happening. Check the original documents. Take a look at the original purchase documentation. If you saw the ‘Seller’s right to Cancel’ or ‘Limited Right to Cancel’ form, you are likely a victim of a scam. Otherwise known as , these documents leave room for the seller to engage in the bait and switch method. In essence, this means that you’ll be required for a higher amount than what was previously agreed upon price of the vehicle. Fortunately, such documents are not legal in all states. If you do find one among the mountains of documents that you initially signed, it’s likely that you’re dealing with an unscrupulous dealer. What to do if you’ve been scammed ? The sad truth is that scammers are present in nearly every industry. And car dealerships are no exception. If you’ve fallen victim of a scam involving delivery on the spot take all your original paperwork. Contact an office at . The authorities will be in a position to guide you through your options on a state-specific basis. In certain instances, investigators may ask for a timeline of events relating to your car purchase. With that, it is a good idea to immediately record every detail of the process. In the event that you don’t, it will be difficult to put the pieces later. How can you protect yourself from future harm if you’re the victim of a spot delivery scam There are steps you can take to prevent this from happening again for the future. Be skeptical of advertisements by dealers in the automotive industry. Always read the fine print to learn more about the rebates and savings the dealer is advertising. Many come with conditions which could mean they are not available to you. Find dealerships you can work with A quick Google search will aid you in finding a dealer in your area with the highest ratings from customers. Avoid dealerships with several negative reviews or have a reputations for having scams. If anything about a dealership isn’t comfortable, look for someone else to do business with. You can arrange financing directly through the lender instead of using the dealer to finance or through a bank credit union, or online lender. Before you go to the dealership to make sure you get the best price on financing. Make sure you take your time when purchasing a car can be a chore do not rush through the paperwork or sign the contract without reading the fine print to ensure you get the deal done. Avoid a spot delivery You might not be happy with the idea of having to wait around until your loan is completed, approved and paid to drive off in your brand 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 taxing. If you are looking to purchase a vehicle, the best move is to obtain credit directly through the lender. Don’t depend upon dealer-financed financing. Not only is financing from dealers often more expensive, but you’ll also face the possibility of a spot delivery scam. 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. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to take charge of their finances by providing well-studied, clear facts that break down complex subjects into bite-sized pieces.

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