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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 smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements 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 may impact how and when products are featured on this website, for example such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will affect the information we provide, or the reviews that you read on this site. We do not include the entire universe of businesses or financial deals that could be open 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, including savings, banking homeownership, homebuying and personal finance. Written by 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 the confidence to take control of their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate promise

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We make sure that everything we publish will ensure that our content is reliable, honest and reliable. Our loans reporters and editors are focused on the points consumers care about the most — the various types of loans available as well as the best rates, the most reliable lenders, the best ways to repay debt, and more — so you can feel confident when making a decision about your investment. Editorial integrity

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There are money-related questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We strive to continuously provide our readers with the professional guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is truthful and precise. Our award-winning editors and reporters create honest and accurate content that will help you make the right financial choices. The content created by our editorial staff is honest, truthful, and not influenced through our sponsors. We’re transparent about how we are capable of bringing high-quality content, competitive rates, and useful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may affect the way, location and when products are listed, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, like our own rules for our website and whether a product is offered in the area you reside in or is within your personal credit score may also influence the way and place products are listed on this website. We strive to provide a wide range offers, Bankrate does not include specific information on each credit or financial item or product. After working with a dealer, you’re able to drive off with your brand-new or used vehicle confidently. While the financing hasn’t been approved yet, spot delivery permits you to drive your brand new vehicle off the dealership immediately. However, a few days later, you receive a message that nobody wants to get: the loan is not approved. 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 caused the denial or if you’ve fallen victim to a spot delivery scam. Are you able to be denied the car loan following preapproval? While the probability of it happening for 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 is likely to verify your employment while processing your application for financing. If they’re unable confirm your employment status due to terminated, laid off or quit, your application may be rejected. Your income went down. Whether it’s the result of an employment change or a reduction in working hours from your employer or a reduction in hours by your employer, the lender might decide that you are no longer afford the monthly car payments and refuse your auto loan. Your application contains unverifiable information. Do you have any errors in your application? Did you get a new job or relocate after you were approval by an auto loan? All of these are reasons for the lender to decline your loan when you did not inform them of the changes. There are also instances that your loan could go through because of a spot delivery fraud. In such a case you’ll need to act quickly to rectify the issue to avoid becoming a victim in the future. Be aware of signs that indicate spot delivery scams when a dealer allows a spot delivery, which means you can drive off in your car the day after you sign the paperwork. However, the actual funding of the loan may not be complete at this point. That’s especially the case if you are an end of the day when banks are closed. Check out how the dealer responds. If the dealer is offering to report the vehicle as stolen or to take possession of the vehicle immediately, then you are likely dealing with a scam. However, it is important to remember that not all spot sales are frauds. Mistakes can happen. A legitimate dealer might allow spot delivery but make a calculator error on your loan application which leads to the deal falling through. If the dealer is able to believe that a buyer won’t be accepted and requires the buyer to resign for the vehicle at a greater interest rate or else, something is likely to be happening. Check the original documents. Look over the initial purchase documentation. If there was a ‘Seller’s Right to Cancel’ or ‘Limited Right to Cancel’ form, you’re probably to have been a victim of a scam. Also known as a ‘Seller’s Right to Cancel’ , these documents allow the seller to proceed with a bait and switch scenario. In essence, this means that you’ll be required for a higher amount than what was previously set price of the car. Luckily, these kinds of documents are illegal in most states. However, if you discover one among the mountains of documents that you initially signed, it’s likely you are dealing with a shady seller. What do you do if been scammed ? The sad truth is that scammers are present in nearly every industry. Dealerships in particular are no exception. If you’ve been the victim of a scam involving delivery on the spot make sure you have all your original paperwork. Contact the office of . At that point, officials will be able provide you with options at a state-specific level. In some instances, investigators may ask for an outline of the events that led to the purchase of your car. In that case, it’s a good idea to immediately write down every detail of the process. In the event that you don’t, it will be difficult to piece the information later. How can you protect yourself in the future If you are in the middle of a spot delivery scam There are ways to prevent this from happening again in the future. Be skeptical of advertisements by dealerships for cars. Read the fine print to find out more about the savings and rebates the dealer is advertising. There are many conditions attached to them 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 that is in your neighborhood with the best customer reviews. Avoid dealerships that have a lot of negative reviews or with a a reputation for shady deals. If anything about a dealership isn’t comfortable, look for someone else to do business with. Make arrangements for financing directly with the lender instead of relying on a dealer for financing via a bank, credit union, or online lender. Before you go to the dealership to ensure you get the most competitive rate on financing. Make sure you take your time when purchasing cars can be a chore do not do the paperwork in a hurry or sign the contract without reading the fine print to ensure you get the deal completed. Do not take a spot-delivery You might not be thrilled by the thought of having to wait around until the loan is accepted, processed and financed before you can drive away in your new vehicle. But, avoiding spots can eliminate the chance of scams involving spot deliveries. The bottom line A spot delivery scam is financially and emotionally taxing. If you’re seeking car, the best option is to get financing directly from the lender. Don’t depend on dealer financing. Dealer financing is not only often more expensive, but you’ll also face the possibility of being caught in a spot delivery fraud. Therefore, if you’re looking for a reputable lender to partner with, take a look at . Learn more about the company.

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Written 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 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 their readers get the confidence to take charge of their finances by providing clear, well-researched details that cut complex topics into manageable bites.

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