Asked by: Trifina Becherasked in category: General Last Updated: 10th March, 2020
What is a spot delivery agreement?
Similarly, you may ask, what is a spot delivery form?
A spot delivery is when a car dealer does not officially have a customer approved for a car loan. The dealer will have the customer sign all the paperwork and take delivery of the car. This leads the customer to believe their loan has been approved and the car deal is complete.
Additionally, can a car dealer take a car back after 2 weeks? If you buy a car that is financed through the dealership, the dealer CAN cancel the contract, but only if it notifies you within 10 days of the date on the purchase contract. This type of financing is sometimes called a “spot delivery.” It is based on the language of the purchase contract.
Likewise, what does on the spot financing mean?
Spot delivery (or spot financing) is a term used in the automobile industry that means delivering a vehicle to a buyer prior to financing on the vehicle being completed. During a spot delivery, many consumers believe that the deal is final when in fact it is not.
Is spot delivery legal in California?
If you took the car home without completed financing and transfer of ownership, a true “spot delivery,” then you can simply return the car for a refund of your deposit and, if applicable, a return of your trade-in. The same applies if the dealer cancels the deal within the ten day period permitted under California law.