Bad credit car loan and spot delivery page 1

Bad credit car loan and spot delivery

I get asked questions about spot delivery process and bad credit car loans all the time. Are they enforceable? So, what exactly is a spot delivery? Is it legal in all states? Why do car dealers use a spot delivery? Can I return the car if rates or terms change or am I legally stuck if I should have buyer’s remorse? I will answer all of these questions and more in this article.

First let’s answer what a spot delivery is intended to do. Spot deliveries have been in use probably since the advent of the automobile and car dealerships in the 1920’s. Basically, the definition of a spot delivery means you pay for and take delivery of the new or used car. It has become yours legally and you cannot return the vehicle for a refund except in extenuating circumstances like a vehicle or deal that violates your states lemon laws. Most states did not even have these lemon laws until the 1990’s.

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Now there is a slight cloudiness or murkiness that comes into play with spot deliveries nowadays as 99% of people no longer pay cash for their vehicles. They take out a new or used car loan and most of these go through the dealer and are then farmed out to different banks and lending institutions for a fee – a huge fee which can easily be over a thousand dollars to several thousand dollars and you pay this in your payments and interest (Tip - never use a car dealer for financing. Always get your financing in place first so you know what you really qualify for, what your credit score is, and then only let the dealer get your car loan if they can beat your best deal). Always compare terms, payments, and rate.

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Anyway, the spot delivery now must cover a car that financing will probably not be in place for several days. So many car dealers and finance managers have you sign an addendum that if financing cannot be provided that the car dealer retains ownership of the vehicle and it must be returned to the dealer. This is legal as long as they have you sign it.

They can even come and get it from your house by repossessing it and hauling it away. You must read very carefully anything that you sign. These addendums usually call for much higher interest rates and worse terms than you already agreed to. Car dealers will always do this for bad credit or poor credit customers and may do it across the board so as to avoid possible racial profiling.

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