How do I get a car through a dealership without being told to bring the car back and losing deposit

I am going to be applying for financing at a reputable dealership, but am a bit afraid. I have heard stories from people going through reputable dealerships (including this one) that they are told they can be financed, then once they put down the deposit and sign papers, the dealership comes back a few days later saying they either could not be financed, or it was higher than expected so the buyer can either sign for the higher financing or bring the car back. Then if they opt to bring the car back, the dealership keeps the deposit to make up for the mileage said person used. How do I prevent this from happening? Do I have to put down a deposit before the dealership finds out if I can be financed or not? What if they say I can be financed so I put down the deposit and sign papers, does this mean I have been or not take their word for it? Can I tell them I want to wait a few days to make sure the financing went through? Do I just keep the car parked until they tell me for sure? I don't understand what papers are being signed if the dealership can come back and say the person can't be financed at all or can't be financed at the rate they agreed upon. Aren't the papers being signed ones that say this is what they pay at this fixed rate, etc? I guess I don't understand how that even happens after signing papers and how I can prevent that from happening. Also, please don't tell me I should go through a credit union, bank, etc. For personal reasons, I am choosing to do financing through a dealership.
Anonymous User
Anonymous User
Asked May 28, 2014
Edited May 28, 2014
Don't collect the car until all the paperwork and financing has been sorted and you can drive away in it, knowing it's yours and knowing exactly what it will cost you every month.

Organizing the financing shouldn't take more than a day, 2 at most. Chances are the dealer wants to sell you the car so there's no harm in putting a bit of pressure on them.

And, if after this, for any reason you're not comfortable with the dealer just go elsewhere. Unless the car is something special chances are you'll be able to find something similar elsewhere.
Answered Jun 10, 2015

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