After purchasing or leasing a car...?

Is it possible to have your credit application denied by the finance company AFTER you%26#039;ve already signed all the paperwork and and have been driving the car for 3 weeks? Because basically, I just received a letter in the mail saying that I%26#039;ve been denied but I don%26#039;t understand b/c I already have the car..I know I have to call them but they%26#039;re not open for an hour and a half from now so just wanted to hear some input on this. Thanks

After purchasing or leasing a car...?

lol i had that happen to me too about 15 years ago. if you signed papers like bill of sale and it is already insured and registered in your name too bad for them. you get the car . you still have to make payments but it%26#039;s yours dude

After purchasing or leasing a car...?

It%26#039;s very possible. When a dealer submits your app. for approval he%26#039;ll send it to more than one lender. He may think that he can get you approved at XYZ bank and draw up the contract with that bank as the financing company. If XYZ bank doesn%26#039;t like the deal (for a number of reasons) they can deny your application. If they deny you financing they have to send you that letter explaining why/how they came upon their decision.

If that happens, it%26#039;s possible that another lender would approve the loan, at the same terms that you contracted with the dealer. It happens all the time.

However, if the dealer can%26#039;t get funding for the car then YOU DO NOT OWN IT. You%26#039;ll have to take it back.