What is a spot delivery or yo-yo financing?

Spot delivery is when you drive a car home before the financing is final. If the lender later doesn't approve the terms, the dealer may ask you to return or sign a new contract at a higher rate, which is sometimes called a yo-yo deal. Rules vary by state. To protect yourself, get pre-approved in advance, read whether your contract is conditional and keep copies of everything. The FTC and CFPB both publish guidance.