He is guilty of fraud and is doing you no favor. If you allow this, then you are a co-conspirator in fraud. Surely this can only happen with your knowlege as you have to see, read and then sign the forms!
They usually don't change their mind. What happens is a dealer sales you a car and lets you drive off thinking the purchase is complete when in fact they do not have the financing secured. This happens mainly on weekends and after normal business hour purchases. If they are unable to secure the financing they will want the car back or you to get financing of your own.
Indirect Financing: Like the name implies, indirect financing occurs when you go through another institution to secure your loan. In the auto industry, indirect financing entails working through the dealer to finance the purchase. The process is usually obtaining dealer financing, as the dealer does the loan up front and then sells it to a third party lender.Direct Financing: Instead of going through the middlemen to secure the money you need to make your purchase, direct financing allows you to work directly with lenders to secure the best terms and interest rate possible. Once you are approved for a loan through the lender they will give you parameters to stay within by use of a pre approval or even a voucher to pay for your purchase, allowing you to use the money you need to finance your new car at any dealership of your choice as if you where a cash buyer.
Generally, most car dealers have credit and financing offers when it comes to purchasing a vehicle. The NJ Honda dealer that I frequent has a financial director to assist you with a safe and secure pre-approval process. My Honda dealer in NJ has access to millions of dollars of credit from a variety of lending sources. Dealers are usually able to provide you with a variety of financing and credit options even if you have poor or no credit. Check out the website of a Honda dealer in NJ like DCH Paramus Honda. They offer credit pre-approval online by simply filling out a quick application.
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