My wife and I looked at cars over the weekend, we found a car and had the dealer submit to a few lenders for a loan. We found another car that we liked more. We did not sign a deal sheet with the first, only the form to release our credit information. Are we able to back out on the first dealer after the loan request is processed? Keep in mind we have not signed any deal forms.
How will terminating the deal affect my credit?
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You gave them no money. You signed no forms. There is no contract that can be enforced. They can not force you to buy a car. Being approved for the loan does not obligate you in any way to make the purchase.
If you haven’t signed, then technically you don’t have any legal obligation to buy the vehicle.