If the dealer lets you take the car home but the loan is not approved can you back out of the deal?

Answer

Absolutely. This is a technique dealers use to get you emotionally attached to the car. Take it home, show your friends. Then they tell you the loan is turned down, but they can get you approved at a higher rate. They think that since you already showed everyone your new car, you'll pay the higher rate.

Don't fall for it. Be prepared to bring the car back and go shop for a new deal.

Find out what car dealers don't want you to know at www.dealertricks.com

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First answer by Jim Carty. Last edit by Jim Carty. Question popularity: 38 [recommend question]


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Car loan deal?  Can dealer go back on loan offer?  What if a loan is not approved for a new car?  Can a car dealer back of a deal that signed for?  Can dealer ask for the car if not approved by the bank?  Can the dealer want his car back because the loan was not approved?  If the dealer said your car loan is approved for car loan then bank says its not?  Can the car dealer say that it was approved you took the car home made a down payment an now they want it back?  If the finance company that you were approved for can't verify employment can the car deal be undone?