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Dealer Wants Car Back - Wants More Money Blackfoot ID

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.

Sneva's Affordable Cars
(208) 664-4798
2929 N Government Way
Coeur D Alene, ID

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Mountain View Motors
(208) 773-2142
508 E Seltice Way
Post Falls, ID

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Rathdrum Motors
(208) 687-8741
13785 W Highway 53
Rathdrum, ID

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First Class Autos
(208) 736-4646
643 2nd Avenue South
Twin Falls, ID
Hours
9-6 M-S

Hertz Car Sales
(208) 529-3211
1775 N Woodruff Ave
Idaho Falls, ID

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Combs Car Corral
(208) 580-9438
900 Airbase Rd
Mountain Home, ID

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Rexburg Auto Center
(208) 356-0227
565 N 2nd E
Rexburg, ID

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Image Auto Sales
(208) 322-3955
9176 W Fairview Ave
Boise, ID

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West Coast Car Co
(208) 378-9800
8520 W Fairview Ave
Boise, ID

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Todd's
(208) 773-8004
1790 E Seltice Way Ste B
Post Falls, ID

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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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