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Dealer Wants Car Back - Wants More Money Arkansas City KS

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.

No Coast Customs
(316) 682-2213
1617 S Meridian Ave
Wichita, KS

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Horseless Carriage
(913) 342-7600
1601 Minnesota Ave
Kansas City, KS

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J B Motors Inc
(913) 422-8181
10647 Kaw Dr
Kansas City, KS

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French Motors
(620) 626-5111
2246 N Kansas Avenue
Liberal, KS

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Dream Machines Inc
(316) 773-5000
8181 W Kellogg Dr
Wichita, KS

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Bright Built Hot Rods
(785) 823-0022
5680 W Old Hwy 40
Salina, KS
Car Makes
1920 ,30, 40, 50, 60,70, 80, 90, 2000and up
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7:30-6:00 M/F
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One Stop Auto Shop
(913) 557-2886
102 S Hospital Dr
Paola, KS
 
Autoworld Of Kansas City Llc
(913) 371-5550
1228 State Ave
Kansas City, KS

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Taylor Auto
(620) 431-3315
420 N Malcolm Ave
Chanute, KS

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Louisburg Auto Body
(913) 837-5244
5 St
Louisburg, KS
 
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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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