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Dealer Wants Car Back - Wants More Money Carson City NV

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.

Lithia Volkswagen of Reno
(775) 852-3300
7063 S Virginia Street
Reno, NV
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Experience Cars
(775) 882-2822
2980 US Highway 50 East
Carson City, NV
 
Reno Auto Ctr
(775) 853-1444
9501 S Virginia St
Reno, NV

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Bill Pearce Courtesy Honda
(775) 789-7999
780 Kietzke Lane
Reno, NV
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Lithia Volkswagen of Reno
(775) 852-3300
7063 S Virginia Street
Reno, NV
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Lithia Lincoln Mercury AUDI
(775) 355-6400
7175 S Virginia Street
Reno, NV
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Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Car Buying Advice
(775) 831-6680
774 Mays Blvd Ste 10-353
Incline Village, NV
 
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(775) 355-6400
7175 S Virginia Street
Reno, NV
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Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Elliott Imports Auto Service
(702) 454-4700
255 Elliott Road, # B7
Henderson, NV
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AC and Heating Repair,Auto Dealers

Jones West Ford
(775) 329-8800
3600 Kietzke Lane
Reno, NV
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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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