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"What are my options if my car loan falls through on a spot delivery car? "
"I signed an agreement to buy a car, with the expectation that the dealer was able to provide financing. Two weeks later, the dealer said they needed to rewrite the contract because the financing fell through. All of this does not inspire confidence. What are my options at this point?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Spot deliveries are generally a bad idea because of situations like this. That being said, you’ve already taken the car and signed the agreement.
From here, you should read over the original contract and make sure that if you back out of the agreement, you will not be charged anything.
But depending on the verbiage, it might actually have been the dealer that broke the original contract by not being able to secure a car loan for you. This may provide you with an out, if that is what you want.
Regardless, you should not sign anything else if you are not comfortable. Depending on the dealer’s approach to the situation, you might need to hire a lawyer or get your own financing.
“
View full answer
- Gregory R.
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