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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 financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct your own research and compare data for free to help you make sound 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 Earn Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and when products are featured on the site, such as for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will not influence the information we publish, or the reviews that you read on this site. We do not include the universe of companies or financial deals that could 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, including savings, banking, homebuying, homeownership and personal finances. Edited 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 control their finances by providing precise, well-studied facts that break down complex topics into manageable bites. The Bankrate promise

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We are compensated in exchange for the promotion of sponsored goods and services, or when you click on certain hyperlinks on our site. Therefore, this compensation may affect the way, location and when products appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, such as our own rules for our website and whether the product is offered in your region or within your self-selected credit score range can also impact the way and place products are listed on this website. We strive to provide an array of offers, Bankrate does not include details about every credit or financial item or product. After working with a dealer, you drive off in your brand new or newly-purchased vehicle confidently. While the financing hasn’t been accepted yet, spot delivery allows you to drive your brand new vehicle off the dealership in a matter of minutes. However, a few days later you receive a message that nobody wants to hear: your loan is not approved. If you’re in this situation, your next step should be to determine whether there’s an issue with the information on your application that caused the denial or if you have fallen victim to a scam involving delivery on the spot. Can you be denied a car loan after preapproval? Although the likelihood of this happening due to an actual reason is extremely low, you can even after driving off the lot. Here are some common reasons for this you may lose your job. The lender is likely to verify your employment when applying for financing. If they’re not able to verify your employment due to being dismissed, laid off, or resigned, your application may be rejected. Your income went down. Whether it’s the result of changes in your job or reductions in hours by your employer The lender could decide that you can no longer afford the car payment each month and decline you an auto loan. Your application contains unverifiable information. Are there any mistakes in your application? Did you get another job or relocate after getting approved for the auto loan? This is a reason for the lender to refuse your loan when you did not inform them of your modifications. However, there are instances when your loan may fall through due to a spot-delivery scam. In this case, you’ll want to act quickly to rectify the issue to avoid becoming a next time a victim. Look for signs of a spot delivery scam When the dealer permits spot delivery, that means that you are able to drive away in your vehicle the same day you sign the paperwork. However, the actual funding of your loan may not be complete just yet. That’s especially relevant if you get to an agreement with the bank after they have closing. Check out how the dealer responds. If the dealer is threatening to declare the vehicle stolen or repossess the vehicle immediately, then you are likely to be dealing with a scam. However, it is important to remember the fact that there is no guarantee all delivery scams are scams. Mistakes can happen. A legitimate dealer might permit delivery on the spot, but they may make an error in your calculator on your loan application which leads to the loan being denied. If a dealer can reasonably suppose that a buyer would not be accepted and demands the buyer resign for the car at a higher interest rate or else, something is likely going on. Examine the original documents Take a look at the original purchase documents. If there was the ‘Seller’s right to Cancel’ or ‘Limited Right to Cancel’ form, you’re probably a victim of a scam. Also known as a ‘Seller’s Right to Cancel’ , these documents permit the seller to proceed with the bait and switch method. In essence, this means that you’ll be required to make a payment that is higher than what was previously set price of the car. Fortunately, these types of documents are not legal in all states. If you do find one among the mountains of documents you 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 scammers are present in almost 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. Then, contact an office at . The staff will have the ability to help you navigate your options at a state-specific level. In certain instances, authorities may request an outline of the events that led to the purchase of your vehicle. In that case, it’s an ideal idea to record every detail of the procedure. In the event that you don’t, it will be difficult to put the details together later. What can you do to safeguard yourself from future harm if you are in the middle of a scam that involves delivery on-site, there are actions you can take to prevent this from happening again for the future. Be wary of ads from dealerships for cars. Read the fine print to learn 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. Find dealerships you can work with A quick Google search will assist you in finding a dealership within your region that has the highest ratings from customers. Avoid dealerships that have a lot of negative reviews or have a a reputation for shady deals. If something about a dealer isn’t comfortable, look for someone else to do business with. Make arrangements for financing directly with an online lender instead of relying on a dealer for financing or through a bank credit union or online lender. Before you go to the car lot to ensure you get the most competitive rate on financing. Make sure you take your time when purchasing an automobile isn’t easy, don’t rush through the paperwork or sign without reading the fine print before signing the deal completed. Don’t take a spot delivery You might not be thrilled with the idea of waiting until the loan is completed, approved and paid for you to take off in your brand new car. But, staying clear of spot deliveries can eliminate the chance of being a victim of a scam involving a delivery spot. The bottom line: A spot delivery scam can be financially and emotionally taxing. If you’re looking to purchase car, the best move is to obtain credit directly through the lender. Do not rely upon dealer-financed financing. Not only is financing from dealers typically more costly, but you’ll also face the risk of being a victim of a spot delivery scam. Therefore, if you’re looking for a reputable lender to work with, take a look at . Learn more about the company.

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The article was written by a contributing writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a range of subjects, including savings, banking homeownership, homebuying, and personal financial matters. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to take charge of their finances by giving clear, well-studied facts that break down complex topics into manageable bites.

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