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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 aim is to assist you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information at no cost and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this site, including, for example, 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 have no impact on the content we publish or the reviews you see on this site. We do not contain the vast array of companies or financial offerings that might be available to you. MoMo Productions/Getty Images

4 min read Published August 11, 2022

The article was 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 tips, banking homeownership, homebuying and personal finance. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied facts that break down complicated subjects into digestible pieces. The Bankrate promise

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So, this compensation can influence the manner, place and when products appear within listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. Other elements, such as our own rules for our website and whether or not a product is available in the area you reside in or is within your self-selected credit score range could also affect the manner in which products are featured on this site. Although we try to offer an array of offers, Bankrate does not include information about every financial or credit products or services. After working with a dealer you can drive away with your brand-new or used vehicle confidently. While the financing hasn’t been approved yet, the spot delivery option allows you to get your new vehicle off the dealership in a matter of minutes. Then, after a few days you receive a call that no one wants to hear: your financing is not approved. If you are in this predicament the next step should be to determine if there’s a flaw in the information on your application that caused the denial or if you’ve fallen victim to a spot delivery scam. What happens if you are denied an auto loan following preapproval? Though the chance of it happening due to an actual reason is extremely small, it could happen drive off the lot. Here are some common reasons why the job was terminated. The lender will likely verify your employment when applying for funding. If they’re unable confirm your employment status due to dismissed, laid off, or resigned, your application may be rejected. Your income went down. If it’s due to changes in your job or reductions 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 deny you an auto loan. Your application contains unverifiable information. Are there any mistakes in your application? Did you find a new job or relocate after getting approval for the auto loan? These are all reasons to the lender to refuse your loan when you did not inform them of your modifications. There are also instances that your loan could go through due to a spot delivery scam. In such a case, you’ll want to take swift action to have the situation rectified and avoid being a victim in the future. Look for signs of spot delivery scams when the dealer permits spot delivery, that means you can leave in your vehicle the same day you sign the documents. However, the actual funding of the loan might not be completed in the foreseeable future. This is particularly the case if you are an end of the day when banks are closing. Check out how the dealer responds. If the dealer is offering to declare the vehicle stolen or to take possession of the vehicle immediately, then you’re likely dealing with a scam. However, it is important to remember that not all spot deliveries are scams. Mistakes can happen. And a legitimate dealer may permit delivery at the spot but an error in your calculator on your loan application which leads to the deal falling through. If the dealer could reasonably believe that a buyer won’t be approved and demands the buyer resign for the car at a greater interest rate or else, something is likely to be happening. Examine the original documents Take a look through the purchase documents. If you saw a ‘Seller’s Right to Cancel’ or ‘Limited Right to Cancel’ form, you are likely to have been a victim of a scam. Also known as a ‘Seller’s Right to Cancel’ , these documents permit the seller to proceed with a bait and switch scenario. In essence, this means that you’ll be required for a higher amount than the previously set price of the vehicle. Luckily, these kinds of documents are prohibited in the majority of states. But if you find an exception in the pile of paperwork you originally completed, it’s likely that you’re dealing a shady seller. What should you do if you’ve been scammed The unfortunate reality is that there are scammers in almost every industry. Car dealerships aren’t an exception. If you’ve fallen victim of a fraud involving delivery to the point, gather all of your original paperwork. Then, contact the department of . At that point, staff will have the ability to guide you through your options at a state-specific level. In certain instances, investigators might request a timeline of events relating to your car purchase. In that case, it’s a good idea to immediately write down every detail of the process. Otherwise, it can be difficult to put the details together later. How to protect yourself from future harm if you’re being the target of scam that involves delivery on-site There are steps you can take to prevent this from happening again to avoid it again in the near future. Be wary of ads from dealers in the automotive industry. Always read the fine print to find out more about rebates of savings the dealer is advertising. Some come with terms that may make them inaccessible to you. Find dealerships you can work with A quick search on the internet can aid you in finding a dealer in your area with the highest ratings from customers. Avoid dealerships with a number of negative reviews or with a an image of having shady deals. If something about a dealer causes you to feel uncomfortable, locate someone else to do business with. You can arrange financing directly through an online lender instead of relying on the dealer to finance or through a bank credit union, or online lender. You can before heading to the car lot to ensure you get the best deal on financing. Be patient when buying an automobile can be a chore, don’t rush through the paperwork or sign the contract without reading the fine print to ensure you get the deal completed. Avoid a spot delivery You might not be thrilled with the idea of having to wait around until the loan is approved, processed and funded before you can drive away in your brand new car. But, avoiding spots can eliminate the chance of being a victim of a scam involving a delivery spot. The bottom line: A spot delivery scam can be emotionally and financially taxing. If you’re looking to purchase car, the best move is to obtain credit directly through the lender. Don’t rely on dealer financing. Not only is dealer financing typically more costly and risky, but you also have the risk of being a victim of a spot delivery fraud. Therefore, if you’re searching for a trustworthy lender to work with, check out . Learn more

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Writing 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 financial matters. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers achieve confidence in taking control of their finances by giving clear, well-studied details that cut complicated topics into digestible pieces.

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