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Dealer Wants Car Back - Wants More Money Arvada CO

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.

Mountain States Toyota Scion
(303) 302-8888
201 W 70th Avenue
Denver, CO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Lithia Volkswagen of Thornton
(303) 438-5200
1900 W 104th Avenue
Denver, CO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Flatirons Subaru
(303) 442-2544
5995 Arapahoe Avenue
Boulder, CO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Pollard Friendly Motor Company
(303) 447-8187
2360 30th Street
Boulder, CO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Auto Dealers,Used Car Dealer

Transwest Trucks Trailer RV
(303) 684-3400
7550 E I25 Frontage Road
Erie, CO
Services
RV and Camper Repair,Trailer Repair,Van Dealers,Auto Dealers

Mike Shaw Subaru
(303) 438-7500
1640 W 104th Avenue
Denver, CO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers,Used Car Dealer

Go Hyundai Mazda 104th
(303) 460-0102
10450 Federal Boulevard
Denver, CO
Services
Fuel Injection Repair,Radiator Repair,Auto Dealers,Used Car Dealer

Fisher Auto Inc
(303) 443-0530
6025 Arapahoe Rd
Boulder, CO
Services
Auto Parts,Alignment Repair,Clutch Repair,Service Stations,SUV Repair,Truck Auto Body,Truck Repair,Auto Dealers

Anderson Kia of Boulder
(877) 774-0364
3200 28th Street
Boulder, CO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Van Dealers,Auto Dealers,Used Car Dealer

Boulder Toyota
(303) 443-3250
2465 48th Court
Boulder, CO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Truck Dealer,Van Dealers,Auto Dealers

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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