Was I really Approved?

justanotha87

I went to a Jeep Dealership on 12/24 and they allowed me to take the car home, 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

stever

Spot delivery is a scam to put you into a car, hide or sell your trade-in, if any, and try to embarrass you after you've shown the car to family and friends so that you'll be reluctant to turn it back over to the dealer.

If you don't qualify for the loan for whatever reason, when you go back to the dealer they'll try to squeeze a bunch of money out of you to redo the loan. Or they'll try to stick you with a mileage charge and maybe a big return fee.

Personally, I'd call the sales manager today and tell them to take the car back and unwind the deal. When you get approved, then you can proceed.

If the sales manager blows you off, I'd contact my consumer protection agency and file a complaint

Don't Fall Prey to Spot Delivery Scams and Yo-Yo Financing