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Originally Posted by SoCalJon
It may vary by state. I didn't feel jerked around, I just didn't understand exactly how it was happening until it actually happened. That probably caused me to overthink things.
I actually bet that lots of people sign these sorts of "option/courtesy contracts" without realizing it. Alternatively, lots of people put a down-payment on a vehicle and leave it at the dealership for a day or two while they secure financing and the dealer does prep. In our case, we wanted to do everything all in one day.
Some credit unions will provide a check in advance that has limits on it. I suppose some banks might ACH funds while you're on-site. Our CU is pretty small and won't fund the loan until they see the final paperwork. Since we wanted to drive off that day, the dealership is right to have some assurance in case the funding doesn't show up.
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Yeah, the dealership needs to have their money just in case so that's why there's that options contract. I guess if you weren't leaving with the car they might not have one, but at that point, they would just wait until you came in with the check and write up the final contract.