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Dealer Wants Car Back - Wants More Money Bangor ME

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.

Downeast Toyota
(207) 989-7515
21 Pierce Road
Brewer, ME
Services
Auto Body Repair,Auto Dealers

Downeast Toyota
(207) 989-7515
21 Pierce Road
Brewer, ME
Services
Auto Body Repair,Auto Dealers

Morong Brunswick
(207) 725-4323
314 Bath Rd
Brunswick, ME
Services
Auto Parts,Oil Change and Lube,Alignment Repair,Auto Repair,Brake Repair,Clutch Repair,Electrical Repair,Mufflers Repair,Radiator Repair,Retail Tire,SUV Repair,Transmission Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Rowe Kia
(207) 784-2321
699 Center Street
Auburn, ME
 
Village Motors
(207) 384-5057
200 Route 236
South Berwick, ME

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Quirk Motor City
(207) 299-1690
295 Hogan Rd
Bangor, ME

Data Provided by:
Shepard Chevrolet Pontiac
(207) 594-8424
181 New County Road
Rockland, ME
Services
Alignment Repair,Auto Body Repair,Clutch Repair,SUV Repair,Truck Auto Body,Van Dealers,Used Trucks Dealers,Auto Dealers

Central Maine Motors Auto
(207) 872-9211
300 Kennedy Memorial Drive
Waterville, ME
Services
Alignment Repair,Auto Body Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Auto Dealers

Portlandvolvousedcars
(207) 883-5568
Portland Volvo 9 US Route 1
Scarborough, ME
 
American Iron
(207) 485-7705
7 Fish Point
Milbridge, ME
Car Makes
All makes
Hours
8 to 5

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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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