Was I really approved?

Question

I went to a Jeep Dealership on 12/24, According to the Finance manager I was approved with TD Auto Finance. After signing all the documents he has me sign a Spot delivery form as well, So my question is why would I have signed such form if the loan was approved? I contacted the sales person the next day and all that she told me was that it was approved it's just not finalized until the bank pays them, which goes back to my question why wouldn't the bank pay if they said I was approved. I really don't know what happens behind the scenes after I sign paperwork and I could use a knowledgeable sales person or someone that works for finance to explain this process? My honest fear is that the dealer will call me weeks later to tell me that it wasn't approved and that they want there car back and because of this spot delivery form that I signed. someone help!

P.s.- I have also tried to contact TD auto finance to find out if my application was approved or not but all they told was to contact my dealer because TD can't give customers that information.

Answer 1

I never heard of a spot delivery. I bought 1 new car, and got my financing from a bank because the interest rate was lower. My other cars were all used and paid for in cash. I wouldn't agree to buy a car with a loan unless the loan was officially approved. And you should carefully read everything you sign and make sure you understand it before signing. That is especially true at a car dealership, because they are all crooks and all trying to trick you and rip you off.

Answer 2

Dealer's don't approve loans. Only their finance company or bank can do that. So, if the dealer told you that you were approved he was lying. What he should have said is "based on what we've seen of your qualifications, you have a good chance of being approved by our finance company, but we won't get the final word for a few days. Since we allowed you to take the car home (spot delivery) you'll have to return the car if we can't get you approved."

Answer 3

You were NOT approved. The definition of spot delivery is taking possession of the car before the financing is approved.



This dealer is lying to you. Look up "spot delivery" online. Educate yourself before you get taken advantage of.

Answer 4

They probably have to verify employment & income. Id imagine everyone signs the spot delivery form unless you are paying 100% cash.



They might even contact you. We had a poster last month who had to return the car because the lender called the purported borrower only to find out it was a straw purchase. A lady had bought it for her daughter who didn't qualify & didn't understand that was illegal.

Answer 5

if you were approved, then you should have noting to worry about. you should get a payment booklet or statement a few weeks before the 1st payment is due. it should tell you on the paper work you signed when the 1st payment is due. if you haven't received anything from the bank 3 or 4 week before the due date, i would call the dealer and find out what is going on.

Answer 6

They can check your credit report instantly. So unless you have some court judgment or something that dropped off of your credit report and is still valid, but more difficult to find, or other recent major credit that has not been reported yet, I think you should be OK.