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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 decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content. We also allow you to conduct research and compare information at no cost and 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 Make Money The offers that appear on this site come from companies that pay us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will affect the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial offerings that might 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 about a range of subjects, including banking, savings tips homeownership, homebuying, and personal finance. Written 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 through providing precise, well-studied facts that break down complex topics into manageable bites. The Bankrate promises
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We are compensated for the placement of sponsored products and services or through you clicking certain links posted on our website. This compensation could influence the manner, place and in what order items appear in listing categories, except where prohibited by law for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own website rules and whether or not a product is offered in the area you reside in or is within your own personal credit score may also influence the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial products or services. After having a relationship with a dealer you're able to drive off in your new or new-to-you vehicle confidently. Although the financing hasn't been accepted yet, spot delivery permits you to drive your brand new car off the lot immediately. However, a few days later you get a phone call that no one would like to get: the loan isn't working. If you're in this situation the next step must be to determine if there's an issue with the information in your application that resulted in the denial or if you've fallen victim to a spot delivery scam. Can you be denied an auto loan after preapproval? Although the likelihood of it happening for an actual reason is extremely small, it could happen after driving off the lot. Here are some common reasons: You lost your job. The lender is likely to verify your employment when processing your application to finance. If they're not able to verify your employment due to being dismissed, laid off, or resigned, your loan application could be denied. Your income went down. Whether it's the result of changes in your job or reductions in hours by your employer or a reduction in hours by your employer, the lender might decide that you are not afford the car payment each month and refuse you an auto loan. Your application contains unverifiable information. Do you have any errors in your application? Did you find an offer for a new job or move after being preapproved by an auto loan? All of these are reasons to the lender to decline your loan if you failed to notify them of the changes. There are also instances where your financing could fall through due to a spot delivery scam. If this happens you'll need to act swiftly to rectify the issue to avoid becoming a next time a victim. Check for indicators of a spot delivery scam When a dealer allows a spot delivery, which means you can drive off with your vehicle on the day after you sign the paperwork. However, the actual funding of the loan isn't likely to be finished just yet. This is especially true if you come to an after the banks are closing. See how the dealer reacts If the dealer is threatening to declare the vehicle stolen or take the vehicle back immediately, then you're likely to be dealing with a scam. However, it is important to keep in mind the fact that there is no guarantee all deliveries are scams. Mistakes can happen. And a legitimate dealer may allow spot delivery but make an error with your calculator in your loan application, which results in the deal being rejected. If the dealer could reasonably assume that a buyer wouldn't be approved at the and asks the buyer to sign for the car with a higher rate of interest, then something fishy is likely to be going on. Check the original documents Take a look over the initial purchase papers. If there was a 'Seller's Right to Cancel' or 'Limited Right to Cancel' form, you're probably to be a victim of fraud. Also known as a 'Seller's Right to Cancel' , these documents allow the seller to pursue a bait and switch scenario. This means you'll have for a higher amount than the agreed upon price for the vehicle. Fortunately, these types of documents are prohibited in the majority of states. If you do find an exception in the pile of documents that you initially signed, it is likely you are dealing with a shady seller. What to do if you've been scammed The unfortunate reality is that scammers are present in nearly every industry. Dealerships in particular are no exception. If you've fallen victim of a fraud involving delivery to the point make sure you have all the original documents. Next, reach out to the department of . In this instance, the officials will be able to help you navigate your choices at a specific state level. In some instances, authorities may request the timeline of events related to the purchase of your car. In that case, it's recommended to note down every aspect of the procedure. In the event that you don't, it will be difficult to put the details together later. How to protect yourself from future harm if you're in the middle of a spot delivery scam, there are steps you can take to avoid the same situation for the future. Be wary of ads from dealers in the automotive industry. Always read the fine print in order to know more about rebates of savings that the dealership is advertising. Some come with terms that could make them unavailable to you. Research dealerships to work with A quick search on the internet can assist you in finding a dealership that is in your neighborhood with the best customer reviews. Avoid dealerships with a number of negative reviews or have a reputations for having scams. If anything about a dealership causes you to feel uncomfortable, locate an alternative to deal with. You can arrange financing directly with a lender instead of relying on the dealer to finance, through a bank, credit union, or online lender. You can 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 without reading the fine print before signing the deal completed. Avoid a spot delivery You may not be thrilled with the idea of having to wait around until your loan is completed, approved and paid to drive off in your brand new car. But, avoiding spots will eliminate the possibility of a spot delivery scam. The bottom line is that a spot delivery scam could be emotionally and financially draining. If you are looking to purchase a vehicle, the best move is to obtain finance directly from the lender. Don't rely on dealer financing. Not only is dealer financing typically more costly however, you'll also be exposed to the possibility of a spot delivery scam. So, if you are seeking a reliable lender to work with, check out . Learn more
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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 topics, including savings tips, banking, homebuying, homeownership and personal finances. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers achieve confidence in taking control of their finances by providing clear, well-researched information that breaks down otherwise complicated topics into digestible pieces.
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