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Dealer Wants Car Back - Wants More Money Anderson SC

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.

KIA Of Anderson
(864) 328-0542
4135 Clemson Blvd
Anderson, SC

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A & D Auto Sales
(864) 338-5491
6122 Belton Hwy
Belton, SC

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Carolina Motorworks Llc
(803) 366-0445
818 Riverview Rd
Rock Hill, SC

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521 Auto Sales
(803) 802-3136
8067 Charlotte Hwy
Fort Mill, SC

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Piedmont - Jeep - Dodge
(864) 260-5750
4011 Clemson Blvd
Anderson, SC

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Piedmont - Jeep - Dodge
(864) 260-5750
4011 Clemson Blvd
Anderson, SC

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D & D Discount Auto Sales
(803) 791-7711
1910 Airport Blvd
West Columbia, SC

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Breakaway Honda
(864) 234-6632
330 Woodruff Rd
Greenville, SC

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Midlands Honda
(803) 691-8500
124 Common Pkwy
Columbia, SC
 
Bradshaw Chevrolet-Buick-Cdllc
(864) 271-1278
1400 E Wade Hampton Blvd
Greer, SC

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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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