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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 offering you financial calculators and interactive tools that provide objective and original content, by enabling users to conduct research and compare information at no cost to help you make financial decisions with confidence. 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 come from companies that compensate us. This compensation may impact how and when products are featured on the site, such as for instance, 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. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that might be available to you. MoMo Productions/Getty Images
4 min read. Published August 11, 2022
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 financial matters. 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 confidence to take control of their finances by providing precise, well-studied information that breaks down complex topics into manageable bites. The Bankrate guarantee
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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 website. So, this compensation can influence the manner, place and in what order items are listed, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, like our own proprietary website rules and whether the product is offered in your region or within your own personal credit score could also affect how and where products appear on this site. Although we try to offer an array of offers, Bankrate does not include specific information on each credit or financial products or services. After working with a dealer, you can drive away with your brand-new or used vehicle with confidence. While the financing hasn't been approved yet, the spot delivery option allows you to get your new vehicle off the lot in a matter of minutes. However, a few days later you receive a call that no one wants to get: the loan isn't working. If you're in this predicament the next step must be to determine if there's a flaw in the application that led to the rejection or if you have fallen victim to a scam involving delivery on the spot. What happens if you are denied the car loan following preapproval? While the probability of this happening due to a legitimate reason is very low, you can even leave the lot. There are a few common reasons the job was terminated. The lender will likely check your employment when processing your application for financing. If they're unable confirm your employment due to being dismissed, laid off, or resigned, your loan application may be rejected. Your income went down. If it's due to an employment change or a reduction in your hours at work by your employer The lender could decide that you can not afford the car payment each month and refuse your auto loan. Your application contains unverifiable information. Do you have any errors in your application? Did you get another job or relocate after being approved by an auto loan? This is a reason for the lender to deny your loan if you failed to inform them of your modifications. However, there are instances where your financing could fall through because of a spot delivery fraud. In this case you'll have to take swift action to have the situation rectified and avoid falling victim in the future. Be aware of signs that indicate frauds involving spot delivery. When the dealer permits spot delivery, this means that you are able to drive away in your vehicle the same day you sign the papers. However, the actual financing of your loan isn't likely to be finished at this point. This is especially the case if you are an after the banks are closing. Watch how the dealer reacts. If the dealer is offering to declare the vehicle stolen or repossess the vehicle immediately, then you're likely to be dealing with a scam. It is crucial to remember that not all spot deliveries are scams. Mistakes can happen. A legitimate dealer might permit delivery on the spot, but they may make a calculator error on your loan application which leads to the deal being rejected. If the dealer could reasonably believe that a buyer won't be accepted and demands the buyer resign to purchase the car at a greater interest rate, then something fishy is likely to be going on. Look at the original documents. Look at the original purchase documentation. If there was a 'Seller's Right to Cancel' or 'Limited Right to Cancel' form, you're probably to be a victim of fraud. Otherwise known as , these documents leave room for the seller to proceed with an 'bait and switch' scenario. This means you'll be required to make a payment that is higher than what was previously set price for the vehicle. Fortunately, such documents are not legal in all states. If you do find one among the mountains of documents that you initially signed, it is likely that you're dealing with a shady seller. What to do if you've been scammed The unfortunate reality is that scammers exist in nearly every industry. Car dealerships aren't an exception. If you've fallen victim of a spot delivery scam make sure you have all those original papers. Contact the office of . In this instance, the authorities will be in a position to provide you with choices at a specific state level. In certain instances, investigators may ask for the timeline of events related to the purchase of your vehicle. With that, it is a good idea to immediately write down every detail of the process. In the event that you don't, it will be difficult to put the information later. What can you do to safeguard yourself in the future If you're the victim of a spot delivery scam There are steps you can take to avoid this ordeal to avoid it again in the near future. Be cautious about advertisements from car dealerships Always read the fine print to learn more about rebates of savings the dealer is promoting. Many come with conditions that could make them unavailable to you. Research dealerships to work with A quick search on the internet can aid you in finding a dealer in your area with the most favorable customer reviews. Avoid dealerships with several negative reviews or have a reputations for having scams. If something about a dealer isn't comfortable, look for someone else to do business with. Make arrangements for financing directly with a lender instead of using the dealer to finance via a bank, credit union, or online lender. You can before heading to the car dealership make sure you get the best price on financing. Be patient when buying cars can be a chore, don't do the paperwork in a hurry or sign it without understanding the fine print before signing the deal done. Avoid a spot delivery You might not be happy with the idea of having to wait around until the loan is accepted, processed and financed for you to take off in your new car. But, staying clear of spot deliveries could eliminate the risk of a spot delivery scam. The bottom line is that a spot delivery scam can be financially and emotionally taxing. If you're looking to purchase an automobile, the most effective move is to obtain finance directly from the lender. Do not rely in dealer finance. Dealer financing is not only generally more expensive however, you'll also be exposed to the risk of being a victim of a spot delivery fraud. If you're seeking a reliable lender to partner with, look into . Find out more about the company.
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Writing by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a range of topics, including savings, banking homeownership, homebuying, and personal financial matters. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping their readers achieve confidence in taking charge of their finances by providing well-studied, clear details that cut complex topics into manageable bites.
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