Signed a spot delivery, they haven't secured financing yet, can I get my own?

[Anonymous]

Hello all, I just discovered these forums here. Hopefully not too late.

Last friday the 18th I signed some paperwork on a 2014 Tacoma. Long story short, it's a spot delivery and they haven't secured financing yet.

I went in with a lot of negative equity on a car I foolishly purchased in December from a private seller. This car is costing me an arm and a leg in repairs and maintenance and I want to get out of it before I am left with a non-working car and am stuck with the payment.

They told me the carfax came back with a major accident and could only give me 6k for it. I owe 13k. Their website estimator said 8-9.5k trade in value for "good" condition. I realize now that I never did see the carfax and they could just be saying that, who knows.

Anyways the stipulations in the contract say if they can get a loan with an apr of 5.9% or lower with payments of up to $675 a month within 7 days then it's a done deal. I believe they will aim for the maximum of those values. Note here: all of the loan calculators that I have typed the numbers into for the amount that will be financed say at the rate of 5.9% payments should be a maximum of about $600 a month. These numbers are with the "add-ons" of GAP insurance which I think is definitely needed with the negative equity and also an extended warranty, which I'm mad at myself for agreeing to.

My main questions are if I can seek my own financing having already signed this spot delivery contract? And if I do am I stuck with the extended warranty add-on? The price of this warranty is $3200 and is no doubt going to affect financing with that amount added in.

I appreciate any and all information! Thanks!

[StartingOver10]

Yes, you can seek your own financing. In fact, it is best you do have your own financing.

Also if you don't want the extended warranty you can cancel it and receive a refund. Warranty's are optional, look at your contract and it will say "Optional". Despite what the car dealer says, lenders don't require warranty's because they aren't legally allowed to make it a condition for issuing the loan.  Personally I think extended warranty's are not worth the added expense especially if you take a look at the warranty contract and see all the exclusions and exceptions.

Take control of your financing. Go to a CU. Try DCU if you don't have a local one.

[Remember0]

Read the fine print on the warranty. Most can be cancelled within 14 or 30 or some set number of days after signing the spot delivery regardless of whether you go with their financing.

[Anonymous]

+1 on the warranty cancellation advice. Most states regulate extended warranties and mandate a cancellation period, and warranty companies typically comply by including a cancellation clause right in the contract. You normally must do it in writing by sending a cancellation notice to a designated address.