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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 financial calculators and interactive tools that provide objective and original content. We also allow users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. But this compensation does affect the content we publish or the reviews 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

Sarah Sharkey Written Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of topics, such as savings tips, banking homeownership, homebuying and personal finances. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate promises

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If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We continually strive to provide our readers with the professional advice and tools needed to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our content is honest and precise. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the best financial decisions. The content we create by our editorial team is honest, truthful and is not influenced through our sponsors. We’re open regarding how we’re in a position to provide quality information, competitive rates and useful tools for you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or by you clicking on specific links on our site. Therefore, this compensation may influence the manner, place 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 home lending products. Other factors, like our own proprietary website rules and whether or not a product is available within the area you reside in or is within your personal credit score can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include specific information on every credit or financial products or services. After having a relationship with a dealer you can drive away with your brand-new or used vehicle with confidence. Even though the financing isn’t accepted yet, the spot delivery option allows you to get your new vehicle off the dealership right away. But a few days later you get a phone call that no one wants to get: the financing isn’t working. If you are in this uncomfortable position the next step must be to determine whether there’s a flaw in the information in your application that caused the denial or if you’ve become a victim to a spot delivery scam. What happens if you are denied a car loan after preapproval? While the probability of this happening due to a legitimate reason is very minimal, it is possible to be denied drive off the lot. There are a few common reasons for this the job was terminated. The lender will likely check your employment when making your application for funding. If they’re unable confirm your employment due to being terminated, laid off or resigned, your application might be rejected. Your income went down. If it’s due to an employment change or a reduction in working hours from your employer, the lender could decide that you can no longer afford the car payment each month and decline your auto loan. Your application contains unverifiable information. Are there any mistakes on your application? Did you find another job or relocate after being approval to get the auto loan? These are all reasons to the lender to deny your loan in the event that you fail to inform them of your modifications. However, there are instances that your loan could go through due to a spot delivery fraud. In such a case, you’ll want to act quickly to correct the issue and avoid falling victim in the future. Check for indicators of spot delivery scams when dealers allow spot delivery, which means that you are able to drive away in your vehicle the day after you sign the paperwork. However, the actual funding of your loan may not be complete in the foreseeable future. That’s especially the case if you are an after the banks are closing. See how the dealer reacts 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. 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 an error with your calculator in your loan application, which results in the deal being rejected. If the dealer is able to believe that a buyer won’t be approved and requires the buyer to resign for the car at a greater interest rate, then something fishy is likely to be going on. Check the original documents. Look over the initial purchase documents. If you saw the ‘Seller’s right to Cancel’ or ‘Limited Right to Cancel’ form, you are likely a victim of a scam. Also known as a ‘Seller’s Right to Cancel’ , these documents leave room for the seller to pursue the bait and switch method. This means you will be asked to pay more than the previously agreed price for the vehicle. Fortunately, such documents are illegal in most states. However, if you discover one in the mountain of documents you completed, it’s likely you are dealing with a shady dealer. What to do if you’ve been scammed The unfortunate reality is that there are scammers in almost every industry. Car dealerships aren’t an exception. If you’ve been the victim of a fraud involving delivery to the point, gather all of your original paperwork. Next, reach out to the office of . The staff will have the ability help you navigate your 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 vehicle. In that case, it’s recommended to note down every aspect of the process. In the event that you don’t, it will be difficult to piece the pieces later. What can you do to safeguard yourself from future harm if you are in the middle of a spot delivery scam, there are ways 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 the rebates and savings the dealer is promoting. Some come with terms that may make them inaccessible to you. Find dealerships you can work with A quick Google search will help you find a dealership in your area with the best customer reviews. Avoid dealerships with several negative reviews or have a a reputation for shady deals. If something about a dealer makes you uncomfortable, find an alternative to deal with. Arrange financing directly through an online lender instead of using dealers for financing, through a bank, credit union or online lender. You can before heading to the car dealership make sure you get the best price on financing. Make sure you take your time when purchasing cars can be a chore, don’t hurry through the paperwork or sign it without understanding the fine print to ensure you get the deal completed. Avoid a spot delivery You might not be thrilled with the idea of waiting until the loan is approved, processed and funded for you to take off in your new vehicle. But, staying clear of spot deliveries could eliminate the risk of scams involving spot deliveries. The bottom line is that a spot delivery scam is emotionally and financially taxing. If you are in the market for a vehicle, the best choice is to secure financing directly from the lender. Don’t depend on dealer financing. Not only is financing from dealers often more expensive, but you’ll also face the risk of being a victim of a spot delivery scam. Therefore, if you’re seeking a reliable lender to work with, check out . Find out more

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Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of subjects, including banking, savings tips, 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 take control of their finances through providing well-studied, clear details that cut complex subjects into bite-sized pieces.

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