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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 offering you interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare information for free and help you make financial decisions with confidence. 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 offers that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they may appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not include the universe of companies or financial offers that may 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, such as banking, savings tips, homebuying, homeownership and personal finance. 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 with concise, well-researched and accurate information that breaks down complex topics into manageable bites. The Bankrate promises

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We are compensated for the placement of sponsored products and services, or by you clicking on certain links posted on our site. This compensation could impact how, where and when products appear in listing categories, except where prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether or not a product is offered in the area you reside in or is within your personal credit score can also impact the manner in which products are featured on this site. We strive to provide an array of offers, Bankrate does not include specific information on every financial or credit product or service. After working with a dealer, you can drive away in your brand new or newly-purchased car with confidence. Even though the financing isn’t approved quite yet, spot delivery allows you to take your new car off the lot in a matter of minutes. However, a few days later you receive a call that no one would like to hear: your financing is not approved. If you’re in this situation the next step should be to determine whether there’s a flaw in the application that resulted in the denial or if you’ve become a victim to a scam involving delivery on the spot. Are you able to be denied the car loan following preapproval? While the probability of this happening due to the reason that is legitimate is small, it could happen drive off the lot. There are a few common reasons for this you may lose your job. The lender will likely check your employment while processing your application to finance. If they’re unable to confirm your employment because you were fired, laid off or resigned, your loan application might be rejected. Your income went down. It could be due to changes in your job or reductions in working hours from your employer The lender might decide that you are not afford the monthly car payments and refuse the auto loan. Your application contains unverifiable information. Are there typos on your application? Have you gotten a new job or relocate after getting approval by car loan? These are all reasons for the lender to refuse your loan in the event that you fail to inform them of your changes. There are also instances where your financing could fall through because of a spot delivery scam. If this happens, you’ll want to act quickly to rectify the issue and avoid being a next time a victim. Look for signs of a spot delivery scam When dealers allow spot delivery, that means that you are able to drive away in your vehicle the same day you sign the papers. However, the actual financing of the loan may not be complete at this point. This is especially relevant if you get to an agreement with the bank after they have closing. 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 probably dealing with a fraud. However, it is important to remember there are exceptions to spot sales are scams. Mistakes can happen. A legitimate dealer might permit delivery at the spot but a calculator error on your loan application, which results in the loan being denied. If the dealer could reasonably believe that a buyer won’t be approved at the and demands the buyer resign for the car at a higher interest rate, then something fishy is likely to be going on. Examine the original documents. Take a look over the initial purchase documentation. If there was an ‘Seller’s Rights to Cancel’ or ‘Limited Right to Cancel’ form, you are likely to be a victim of fraud. Also known as a ‘Seller’s Right to Cancel’ , these documents permit the seller to proceed with the bait and switch method. This means you’ll be required to pay more than what was previously set price of the vehicle. Fortunately, such documents are illegal in most states. If you do find one among the mountains of paperwork you originally completed, it’s likely that you’re dealing an unscrupulous seller. What should you do if you’ve been scammed The unfortunate reality is that there are scammers in nearly every industry. And car dealerships are no exception. If you are a victim of a spot delivery scam make sure you have all your original paperwork. Contact the office of . At that point, staff will have the ability provide you with choices at a specific state level. In certain instances, investigators might request an outline of the events that led to your car purchase. With that, it is a good idea to immediately record every detail of the process. Otherwise, it could be difficult to put the information later. How can you protect yourself in the future If you are the victim of a spot delivery scam, there are steps you can take to avoid this ordeal in the future. Be cautious about advertisements from dealerships for cars. Read the fine print to learn more about the savings and rebates that the dealership is advertising. Many come with conditions which could mean they are not available to you. Look into dealerships that you could work with. A quick internet search can aid you in finding a dealer within your region that has the highest ratings from customers. 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 an alternative to deal with. You can arrange financing directly with a lender Instead of relying on dealers for financing or through a bank credit union or online lender. Before heading to the dealership to make sure you get the best price on financing. Be patient when buying an automobile can be a chore do not do the paperwork in a hurry or sign it without understanding the fine print to ensure you get the deal completed. Do not take a spot-delivery You may not be thrilled by the thought of having to wait around until the loan is completed, approved and paid before you can drive away in your new vehicle. But, avoiding spots can eliminate the chance of a spot delivery scam. The bottom line: A spot delivery scam could be financially and emotionally taxing. If you are seeking an automobile, the most effective move is to obtain finance directly from the lender. Don’t rely upon dealer-financed financing. Dealer financing is not only often more expensive and risky, but you also have the possibility of being caught in a spot delivery scam. So, if you are searching for a trustworthy lender to work with, take a look at . Learn more

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Writing by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of topics, such as savings, banking homeownership, homebuying and personal finance. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers achieve confidence in taking control of their finances through providing well-studied, clear information that breaks down otherwise complicated topics into digestible pieces.

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