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Dealer Wants Car Back - Wants More Money Bennington VT

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.

Upstate Auto Sales Inc
(518) 663-9089
3511 State Rte 7
Hoosick Falls, NY

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Green Light Auto Sales
(802) 476-3815
176 Mill St
Barre, VT

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R M Precision Auto Inc
(802) 878-9001
124 Colchester Rd
Essex Junction, VT
 
Bob's Auto Center
(802) 879-4008
221 Colchester Rd
Essex Junction, VT
 
Beaudoin's Auto Radiator
(802) 863-3138
8 Home Ave
Burlington, VT
 
Jerry Simon Auto Sales
(518) 677-2652
45 S Park St
Cambridge, NY

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White Mountain Auto Broker
(802) 334-7333
531 VT Rte 105
Newport, VT

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Camara Auto
(802) 265-7834
Main St.
Fair Haven, VT
Car Makes
Used
Hours
M-F 8am to 4pm
Prices and/or Promotions
Come take a look!

Westminster Auto Svc
(802) 722-4722
6156 US Rte 5
Westminster STA, VT

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Barton Motor Co
(802) 525-3750
476 Main St
Barton, VT

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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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