Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Bay City MI

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.

Labadie Toyota
(989) 684-2222
909 North Euclid
Bay City, MI
 
Labadie Toyota
(989) 686-9682
909 N Euclid Ave
Bay City, MI

Data Provided by:
Car & Credit Connection
(989) 686-6555
906 S Euclid Ave
Bay City, MI

Data Provided by:
Exchange Nationwide Auto
(989) 781-4610
7647 Gratiot Rd
Saginaw, MI

Data Provided by:
Pinckney Chrysler Dodge Jeep
(734) 878-3154
1295 E Mi 36
Pinckney, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Labadie Buick Cadillac GMC
(989) 667-2000
711 S Euclid Ave
Bay City, MI

Data Provided by:
Rightway Bay City
(989) 686-7908
3725 Wilder Rd
Bay City, MI

Data Provided by:
Rightway Of Saginaw
(989) 755-8165
110 W Genesee Ave
Saginaw, MI

Data Provided by:
Schafer Chevrolet Pontiac
(989) 667-0800
M 13
Pinconning, MI

Data Provided by:
Wolverine Ford Truck Sales Inc
(313) 849-0800
3550 Wyoming
Dearborn, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,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