“What you’re talking about is called a spot delivery. It’s when the dealer gives you the keys to the car before your financing is approved. It’s fairly common in the industry.
Your adverse action letter means that you’ve been denied the specific terms of a loan. Maybe the lender wanted a higher interest rate or a shorter term.
Even so, it doesn’t mean that all of your financing options were denied. It just means that one of them was. Most dealerships look into multiple financing options in case of a situation like this.
Do you have the title yet? If so, check to see who the lienholder of your car
is. That lienholder is the entity that lent you the money. Call them to see if there are any issues with your loan. If you don’t have the title yet, you’ll need to reach out to the dealership to find out what will happen next.
Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”