Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Buckley WA

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.

Bowen Scarff Ford Covington
(253) 630-7500
27222 Covington Way Southeast
Kent, WA
Services
Radiator Repair,Tune up Repair,Auto Dealers

Titus Will Ford Toyota Scion
(253) 475-4151
3606 S Sprague Avenue
Tacoma, WA
Services
Clutch Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Van Dealers,Truck Dealers,Auto Dealers

South Tacoma Honda
(253) 472-2300
7802 S Tacoma Way
Tacoma, WA
Services
Radiator Repair,Tune up Repair,Auto Dealers

Glassman Inc
(253) 863-2297
1105 Main St
Kenmore, WA
 
Kia of Puyallup
(253) 286-8000
111 Valley Ave NE
Puyallup, WA
Hours
Sales: Mon-Fri 8:30am to 9:00pm, Sat 8:30am to 8:00pm, Sun 10:00am to 7:00pm. Service: Mon-Fri 7:30am to 6:00pm, Sat 8am-5pm

BMW Northwest Inc
(253) 922-8700
4011 20th Street East
Tacoma, WA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Lakewood Ford
(253) 473-8524
6202 South Tacoma Way
Tacoma, WA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Bruce Titus Chevrolet
(253) 627-3111
633 Division Avenue
Tacoma, WA
Services
Clutch Repair,Radiator Repair,Tune up Repair,Van Dealers,Truck Dealers,Auto Dealers

Elephant Car Wash
(253) 804-3498
PO Box 2009 Auburn
Seattle, WA
 
Buick World
(360) 825-3787
21418 SE 436th Street
Enumclaw, WA

Data Provided by:
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