Even if your financing is not approved, you may still owe the dealer money.

When signing the myriad of papers in the dealer's finance office, there is one document that consumers sign that many are unaware of. It obligates the consumer to pay the dealership in the event their financing is declined. The payment is to reimburse the dealership for the time that the consumer used the vehicle.

The name of the document is typically either named "Borrowed Vehicle Agreement" or "Bailment Agreement." It obligates a consumer to pay a mileage charge or time charge in the event their financing is not approved.

For consumers with good credit, it is not an issue and never comes into play. However, with more consumers facing tougher credit situations, this document will play a center role in more transactions. Bottom line, if you have credit issues, carefully read this document and make sure you stay on top of the dealership to get your financing approved in 7 days or less. If concerned, do not take delivery until your financing is approved and you won't have to worry about any such fees.