Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Ashland KY

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.

Harmon Motor Sales Inc
(740) 532-9033
1013 S 3rd St
Ironton, OH
Services
Brake Repair,Clutch Repair,Emissions Testing,Mobile Auto Repair,Radiator Repair,Speedometer Repair,Truck Auto Body,Tune up Repair,Truck Dealers,Auto Dealers

Ztech
(304) 736-2060
3455 US Route 60
Huntington, WV
Services
Trailer Repair,Truck Parts,Auto Dealers

Wilson Motors
(270) 586-3245
208 North Main Street
Franklin, KY
Services
SUV Repair,Truck Service Station,Truck Dealers,Auto Dealers

Honda Harts Cycle Sales
(606) 248-4545
1303 Cumberland Avenue
Middlesboro, KY
Services
Motorcycle Repair,Auto Dealers

Mansfield Automotive Group
(270) 338-3831
600 N Main Street
Greenville, KY
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Hamilton Chevrolet
(740) 886-7979
7982 State Route 7
Proctorville, OH
Services
SUV Repair,Truck Service Station,Auto Dealers

Winner's Circle Auto Exchange
(606) 325-9970
1245 Winchester Ave
Ashland, KY

Data Provided by:
Moore Ford Mercury Chrysler
(270) 298-4800
1201 S Main Street
Hartford, KY
Services
Radiator Repair,Tune up Repair,Auto Dealers

Parker Ford Lincoln Mercury
(270) 753-5273
701 Main Street
Murray, KY
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Auto Dealers

Bob Allen Motors
(859) 236-3217
725 N Maple Avenue
Danville, KY
Services
Clutch Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Auto Dealers

Data Provided by:

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...

Click here to read the rest of this article from Lease Guide