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What happens if dealership financing falls through?
Can I keep the car if dealer financing falls through? The dealership gave me a car and let me drive it off the lot before the financing was secure. Several weeks later, they're calling me to say I need to sign a new loan as the previous one was denied.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Driving the
new car
off the lot before your financing is secured is also known as a spot delivery and it’s a fairly common practice in the automotive industry.However, you shouldn’t ignore the dealer. If you weren’t approved, you technically don’t own the car, as it’s not paid for.
You shouldn’t dodge the issue, but rather see what needs to be done.
In some cases, this could mean you get a better deal overall or the dealer lowers the price of the vehicle to fit with the lender’s requests.
View full answer
- Gregory R.
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