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?

“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.”
Eric Schad
Answered on Jul 29, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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