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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 financial calculators and tools as well as publishing quality and impartial content. We also allow you to conduct research and compare data for free – so that you can 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 products that appear on this site are from companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the order in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. However, this compensation will affect the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial offers that may be accessible 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, homebuying, homeownership and personal financial matters. Edited 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 through providing precise, well-studied information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee

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We are compensated for placement of sponsored products and services or when you click on certain hyperlinks on our website. Therefore, this compensation may impact how, where and in what order products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other factors, like our own proprietary website rules and whether or not a product is offered in your region or within your self-selected credit score range can also impact how and where products appear 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 having a relationship with a dealer you drive off with your brand-new or used vehicle with confidence. Although the financing hasn’t been accepted yet, the spot delivery option allows you to get your new car off the lot in a matter of minutes. However, a few days later, you receive a message that nobody wants to get: the financing isn’t working. If you are in this predicament, your next step should be to determine if there is a problem with the information in your application that led to the rejection or if you’ve become a victim to a scam involving delivery on the spot. Can you be denied an auto loan following preapproval? Though the chance of it happening for the reason that is legitimate is low, you can even leave the lot. Here are some common reasons: You lost your job. The lender is likely to verify your employment while applying to finance. If they’re unable confirm your employment due to being fired, laid off or resigned, your loan application might be rejected. Your income went down. Whether it’s the result of a job change or reduction in hours by your employer, the lender might decide that you are no longer afford the car payment each month and deny you an auto loan. Your application contains unverifiable information. Do you have any errors on your application? Did you get a new job or relocate after you were approval to get an auto loan? All of these are reasons for the lender to deny your loan when you did not inform them of your changes. There are also instances where your financing could fall through due to a spot-delivery fraud. In this case you’ll have to take swift action to rectify the issue and avoid falling victim in the future. Be aware of signs that indicate spot delivery scams when the dealer permits spot delivery, this means you can leave with your vehicle on within the same day that you sign the paperwork. However, the actual financing of your loan isn’t likely to be finished 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 repossess the vehicle immediately, then you’re likely to be dealing with a scam. It is crucial to note the fact that there is no guarantee all deliveries are scams. Mistakes can happen. A legitimate dealer might allow spot delivery but make an error with your calculator in your loan application which leads to the deal being rejected. If a dealer can reasonably assume that a buyer wouldn’t be accepted and requires the buyer to resign for the vehicle with a higher rate of interest there is something suspicious likely to be happening. Examine the original documents Take a look at the original purchase documents. If there was a ‘Seller’s Right to Cancel’ or ‘Limited Right to Cancel’ form, you’re likely to be to have been a victim of a scam. Otherwise known as , these documents leave room for the seller to engage in a bait and switch scenario. In essence, this means that you’ll be required to pay more than the agreed upon price of the car. Fortunately, these types of documents are not legal in all states. However, if you discover an exception in the pile of documents that you initially completed, it’s likely that you’re dealing an untrustworthy seller. What to do if you’ve been victimized The reality is that scammers exist across the board in every field. Dealerships in particular are no exception. If you’ve been the victim of a spot delivery scam, gather all of the original documents. Then, contact an office at . The staff will have the ability to help you navigate your options at a state-specific level. In some cases, the investigators might request the timeline of events related to your car purchase. It is a good idea to immediately record every detail of the procedure. 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 find yourself in the middle of a scam that involves delivery on-site, there are actions you can take to prevent this from happening again in the future. Be cautious about advertisements from dealerships for cars. Read the fine print in order to know more about the savings and rebates the dealer is promoting. Some come with terms that may make them inaccessible to you. Look into dealerships that you could work with. A quick internet search can help you find a dealership that is in your neighborhood with the most favorable customer reviews. Avoid dealerships with a number of negative reviews or have a a reputation for shady deals. If something about a dealer causes you to feel uncomfortable, locate an alternative to deal with. Make arrangements for financing directly through the lender instead of relying on dealers for financing or through a bank credit union or online lender. Before heading to the car dealership make sure you get the best deal on financing. Make sure you take your time when purchasing a car can be a chore, don’t hurry through the paperwork or sign the contract without reading the fine print before signing the deal completed. Avoid a spot delivery You might not be happy by the thought of waiting until the loan is accepted, processed and financed to drive off in your new car. But, staying clear of spot deliveries can eliminate the chance of scams involving spot deliveries. The bottom line is that a spot delivery scam is financially and emotionally taxing. If you are seeking an automobile, the most effective choice is to secure financing directly from the lender. Don’t rely upon dealer-financed financing. Not only is financing from dealers generally more expensive and risky, but you also have the possibility of being caught in a spot delivery fraud. Therefore, if you’re seeking a reliable lender to work with, take a look at . Find out more about the company.

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Writing by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of subjects, including savings tips, banking, homebuying, homeownership and personal finance. Editor: 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 their readers get the confidence to take control of their finances through giving clear, well-studied details that cut complicated topics into digestible pieces.

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