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Dealer Wants Car Back - Wants More Money Anchorage AK

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.

Anchorage Chrysler Dodge Jeep Ram Center
(907) 276-1331
2601 E. 5th Avenue
Anchorage, AK
Car Makes
Chrysler Dodge Jeep Ram
Hours
7:00 a.m. -9:00 p.m.
Prices and/or Promotions
Best Price Guarantee

Park & Sell
(907) 452-8811
401D Old Steese Hwy
Fairbanks, AK

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University Chevron
(907) 479-4616
3245 College Road
Fair Banks, AK
 
Stop & Save Used Cars
(907) 452-7355
2601 S Cushman St
Fairbanks, AK

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Vito's Auto Sales
(907) 277-3336
2001 E 5TH Ave
Anchorage, AK

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Vito's Auto Sales
(907) 277-3336
2001 E 5TH Ave
Anchorage, AK

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Affordable Used Cars
(907) 452-5707
2525 S Cushman St
Fairbanks, AK

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WASILLA MOTORS-"USED CARS FOR LESS"
(907) 707-7690
305 w. Herning
wasilla, AK
Car Makes
ALL
Hours
8am-8pm
Prices and/or Promotions
1-5000

lealie motors
(510) 494-1564
6152 thorton ave
newark, AK
 
Anchorage Chrysler Dodge Jeep Ram Center
(907) 276-1331
2601 E. 5th Avenue
Anchorage, AK
Car Makes
Chrysler Dodge Jeep Ram
Hours
7:00 a.m. -9:00 p.m.
Prices and/or Promotions
Best Price Guarantee

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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...

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