Can a lender "reverse" my car loan?
I signed all the paperwork for financing and drove my "new" used car off the lot about two weeks ago. Yesterday, I got a call from the dealership telling me that my loan had been reversed. What does this mean?
Answer provided by
Answered on May 05, 2021
“The problem is that you never had a loan to begin with. Many dealers do what’s called a “”spot delivery,”” which allows you to drive off the lot without loan approval.
If your loan then gets denied, you’ll get a call from the dealer asking you to bring the vehicle back. In some cases, they may be able to secure some other form of financing.
If not, you can either walk away, go to a different dealer, or find your own financing.”
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