the idea of not having the terms of the loan secured at the time of sale seems insane to me.

She thought she did. They beat her financing, so she took their deal over her bank's loan (BMW Certified used). Part of that special deal was no payments for 90 days and then 1% interest. She figured after 5 business days they were not lying when the salesman said it cleared. Turned out it had never cleared. By then rates increased and she no longer qualified for her bank loan.

They thought shame/embarrassment would push her into a 21% loan. Little did they realize all her family/friends thought the dealer was shady versus her and congratulated her on taking the car back.