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?

“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.”
Eric Schad
Answered on May 05, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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