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Dealer Wants Car Back - Wants More Money Arverne NY

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.

Prince Auto Sale
1395 EGGERT PL
Far Rockaway, NY
 
Reyes Auto Sales
137-29 243 ST
Rosedale, NY
 
Pro Auto Sales & Leasing Corp
160-23 ROCKAWAY BLVD
Jamaica, NY
 
Sals Auto Sales Inc
1844 UTICA AVE
Brooklyn, NY
 
G&S Auto Sales Inc
1810 UTICA AVENUE
Brooklyn, NY
 
Cedarhurst Auto Sales Ltd
668 CENTRAL AVE
Cedarhurst, NY
 
Motorsports Auto Sales
133-01 LEFFERTS BLVD
So Ozone Park, NY
 
H&O Car Sales
9718 DITMAS AV
Brooklyn, NY
 
Tar Auto Sales Inc
8914 CHURCH AVE
Brooklyn, NY
 
Soleil Auto Sale
91-15 139TH STREET
Jamaica, NY
 

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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