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What happens if my car loan gets denied?
"What happens if my car loan gets denied if I already have the vehicle? I already purchased my car and drove off the lot. However, I noticed that my loan hasn't actually been approved."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you drive the car off a dealership lot and you don’t have approval, it’s known as a spot delivery.
Many dealers practice spot deliveries for a variety of reasons, but mostly to secure a sale. If your
new car loan
is rejected, you’ll get a call from the dealership asking for you to come back in to rework the details of your loan.However, it’s within your full legal rights to return the car. If the new loan doesn’t meet with your approval in terms of interest rate or term,
come prepared
to negotiate or hand the keys over. It’s definitely a better alternative than paying far too much for a car.”View full answer
- Gregory R.
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