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Why do dealerships allow you to drive off the lot if you aren't approved for financing?
Is it common to leave with a car and then get a call that you're denied the loan? I just bought a car, but now I'm getting calls from the dealer that my financing wasn't approved and that I need to go back to the dealership.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“What you’re talking about is called a spot delivery.
Dealers do this if they think that you’re likely to get approved for a
new car
loan and to help them close the sale.If you do get a call to bring the car back, it’s more of a nuisance than anything.
Usually, they’ll find another lender that’s willing to take on your loan rather than take the car back.”
View full answer
- Gregory R.
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