Can a finance co. back out after loan has been approved and money sent to dealership leagally?

Question

son and friend financed used vehicle, dealership paid by finance co. fued between friends now friend wants out tells finance co. son tells co. he still wants truck . co. rereviews loan app and says neither can have it. tells dealership to send back $, dealership gets truck back via tow co. due to break down on hiway, now son has no truck and out 500.00 and car used as down payment can a finace co back out like that after it was approved ?

Answer 1

i believe if it was a joint-finance betweent the two guys and one person wanted to back out - the finance company has the right to not approve the credit to only one of the parties.  the person who wants to keep the truck may need to find a parent or another friend with good credit to co-sign the loan. hope that helps :)