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Can a dealer change financing terms after I've driven the car off the lot?
I bought a car with 3% financing and the dealer said that it was based on bank approval. Two days later, they called and told me I needed to bring the vehicle back, stating I could now get the car at 3.49%. Something seems fishy. Is this normal?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Chances are when you signed all the paperwork, you also signed a spot delivery form.
A spot delivery is when the dealer gives you the car before financing is approved. It’s normally a sales tactic to ensure that the sale is made regardless of the interest rate on the
car loan
.If you read this form, it will outline exactly what will happen if you aren’t approved at the original interest rate. In your case, this sound perfectly legal. Again, go through that spot delivery form for more information.
In the grand scheme of things, an additional 0.49% per year won’t equate to more than about $10 a month, so don’t stress too much.
Don’t forget that your new car needs proper coverage. Use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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