What happens if dealership financing falls through?

Can I keep the car if dealer financing falls through? The dealership gave me a car and let me drive it off the lot before the financing was secure. Several weeks later, they're calling me to say I need to sign a new loan as the previous one was denied.

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Eric Schad
Answered on Jul 16, 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.
“Driving the new car off the lot before your financing is secured is also known as a spot delivery and it’s a fairly common practice in the automotive industry.
However, you shouldn’t ignore the dealer. If you weren’t approved, you technically don’t own the car, as it’s not paid for.
You shouldn’t dodge the issue, but rather see what needs to be done.
In some cases, this could mean you get a better deal overall or the dealer lowers the price of the vehicle to fit with the lender’s requests.
Call the dealer ASAP to sort out any borrowing issues.”
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