Land Rover told the The Daily Telegraph that Folau was never an official ambassador but reports said the motoring giant did take back a vehicle given to Folau.
Folau avoided punishment from Rugby Australia after stating on Instagram that gay people should go to "hell" unless they "repent their sins and turn to God".
Folau has since stirred more controversy and stood firmly with his beliefs, posting an 11-minute video of a sermon that references homosexuality and claims that "tolerance" is misguided.
The loss of the Land Rover is understood to be the first outcome stemming from Folau's anti-gay stance.
He reportedly gets from A to B in a Lamborghini, worth around A$500,000 (NZ$546,000), that he purchased previous year.
Land Rover replaced BMW as the Wallabies' auto sponsor in February, and according to The Daily Telegraph, repossessed Folau's vehicle in April one week after his initial comments.
In February previous year Dan Carter was dropped as a brand ambassador for Land Rover following his drink driving incident in France.
But Folau probably isn't too sad about the deal as he still drives around in his Lamborghini, purchased with his own money.
Folau has escaped sanction from Rugby Australia so far with the governing body's chief Raelene Castle admitting his stance was the biggest challenge of her career, arguing it was a delicate situation pitting a "human rights issue" against freedom of speech. Castle described the Folau saga as the most hard thing she's ever had to deal with.
Wallabies coach Michael Chieka also confirmed that his star player wouldn't be posting any more inflammatory content as preparation begins for the upcoming three-test series against Six Nations victor Ireland.
Rather than condemn Folau, Wallabies coach Cheika suggested youngsters should look for alternative role models if they do not agree with such beliefs.