Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Allen Park MI

When you sign a contract to buy with a loan, or to lease, the dealer attempts to find a finance company or bank that will approve you under the terms you agreed to in your contract. Somewhere in your contract or in a separate document, often called a bailment agreement, this condition is spelled.

Wolverine Ford Truck Sales Inc
(313) 849-0800
3550 Wyoming
Dearborn, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

LES Stanford Commercial
(313) 565-9789
21730 Michigan Ave
Dearborn, MI

Data Provided by:
Detroit Ii Automobiles
(734) 946-0011
12800 Telegraph Rd
Taylor, MI

Data Provided by:
Vip Auto Sales
(313) 406-6270
5165 Wyoming St
Dearborn, MI

Data Provided by:
Collins Motor Sales
(313) 582-1020
8501 Michigan Ave
Detroit, MI

Data Provided by:
Tennyson Chevrolet
(734) 425-6500
32570 Plymouth Road
Livonia, MI
Services
SUV Repair,Truck Service Station,Auto Dealers

Joe Ricci Auto Ctr
(734) 946-5099
12200 Telegraph Rd
Taylor, MI

Data Provided by:
Templin Auto Sales
(734) 285-9527
2070 Biddle St
Wyandotte, MI

Data Provided by:
Belle Tire
(313) 581-8473
15150 Michigan Avenue
Dearborn, MI
 
Gorno Ford Mazda Inc
(734) 676-0031
22025 Allen Rd
Woodhaven, MI

Data Provided by:
Data Provided by:

Dealer Wants Car Back - Wants More Money

It happens every day. You buy or lease a car from a dealer. He calls you a few days or a couple of weeks later and wants his car back, or asks you to sign a new contract with higher payments. Is this a scam? Is it legal?

First, let's understand some fundamentals of car financing. Car dealers don't finance or lease cars. When you sign a contract to buy with a loan, or to lease, the dealer attempts to find a finance company or bank that will approve you under the terms you agreed to in your contract. Somewhere in your contract or in a separate document, often called a bailment agreement, this condition is spelled out.

Essentially, it says that you agree to let the dealer arrange your car financing on your behalf, and that, if he can't find a finance company or bank to approve you and accept your loan or lease, then the deal isn't final. In this case, you will either be asked to return your car, get a co-signer, or sign a new contract for new terms that are acceptable to a finance company the dealer has contacted. Most likely, the option to return your vehicle won't be mentioned because the dealer does not want to lose this deal.

This is perfectly logical since the dealer wants to paid for his car and if a finance company can't be found who will accept the deal and pay him, the car still belongs to the dealer.

We often get emails from consumers who are in this situation and they frequently ask if they can simply keep the car and refuse to sign a n...

Click here to read the rest of this article from Lease Guide