NewCarBuyingGuide.Com

I recently visited a car dealer and drove home the very same
day with my car. A few days later the dealer called and said
I needed to bring down another $500 so we could try and get
another loan with another finance company as the first one
wouldn't approve me. We went down signed more papers
actually got what I thought was a better deal and drove off
thiking we were all set.
Monday I received a letter from a credit union saying how
they were sorry that they couldn't approve my loan. I
wasn't too alarmed because I figured it was from that first
company. Then yesterday I got the same kind of letter from
yet another company. I called and left a message with the
man at the car dealership that I signed papers with Nocall
back yesterday. I called again twice today, got his voice
mail and left a message, still no call back.
I decided to search the internet to see what happens if I
don't get approved for a loan, but didn't find any REAL
information. What I did find were a few articles describing
the same thing that happened to me. 
The dealer lets you drive the car home, same day, then
calls a few days later saying they couldn't seal the deal,
needed more money, come down sign more papers. Apparently
it's called Spot Delivery or a Yo-Yo Sale.
I just wanted people to BEWARE of this practice. I've never
bought a car before so I didn't know anything about howw
they were supposed to go down. I'm not sure what happens
now. I suppose if they don't get me financed they can take
my car, my down payment and charge me rent on the thing???

What time of day did you buy your car?  If you bought a car
late in the day or an a weekend, most dealers won't be able
to get loans processed and approved thus they let you drive
off and start the paperwork on a business day.

Depending on your credit, your dealer may have to submit
multiple loan applications before finding one that a)
approves you and b) approves you on terms you can live
with.  Because all loan companies have different
requirements, some may approve you but only if you put down
more.

Thing is you don't necessarily get told how many loans
attempts your dealer tried.  Your dealer may have applied
through 10 different banks and 8 said no, 2 said yes but
each had different requirements.  You'll get 8 denial
letters by the way.

Good luck!  I hope you reach the finance person at your
dealer and get everything cleared up.