HELP! Denied car loan after I've picked up the car

[changingchaali]

Evening all.
I got car finance from Car Loans 365 on Saturday.
My credit is poor so I didn't think I would be accepted.
Went through everything in the phone and managed to get a lovely newer car. Paperwork done etc and I got to pick it up this Tuesday
I've just received an email from some finance company telling me I have been declined for a car loan from them. But nothing about returning the car.
I'm thinking I might get a call tomorrow.
But I've taxed and insured it as well as part exchanged my old car.
What am I gonna do?!

This happened to me before - it turned out that the dealership puts the finance through lots of finance companies and some might reject you even though one accepts. So I received a rejection letter and called them in a panic! But it was fine as another company had accepted, they were just a bit slower at writing to me. Likely the same for you OP.

Could be a broker went through several companies to source a loan and this one declined, but another accepted which is why you could collect your car.

I recently did a soft search as I am considering options for a car myself. My credit score is excellent but I did get an email from a company who said they couldn't offer finance. Plenty of other companies could

Oh that's crap, I think you need to speak to the broker - were you actually approved as in signed the credit agreement and had actual approval or did you just get 'pre approved' but not actually approved?
They don't release the funds until they've done a 'hard search' on your credit file - pre approval is a 'soft' search and isn't as reliable but doesn't affect your credit rating.
"Pre-approved* – subject to final lenders checks and a hard credit search on your credit profile before funds are released and the credit agreement becomes active"

Hopefully it's just a company that didn't approve you and another did - is the name on the denied loan the same as the approved one?

Oh man I could hug you all. My stomach is in pieces.
I hope this is the case

@HospitalitySux yes it's got the same name on them

The chances of the dealer handing over a car without being paid are zero. You will have been accepted by someone else