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Dealer Wants Car Back - Wants More Money Casa Grande AZ

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.

Cotas Auto Ctr
(520) 836-2140
1102 E Jimmie Kerr Blvd
Casa Grande, AZ

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Heritage Motors
(520) 421-7126
1545 N Pinal Ave
Casa Grande, AZ

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Pure Price Auto Sales & Lsng
(623) 889-7800
16661 N 84th Ave
Peoria, AZ

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Moon Valley Used Cars Inc
(602) 278-6563
3021 W McDowell Rd
Phoenix, AZ

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Auto Del Sol
(520) 908-2040
4515 W Valencia Rd
Tucson, AZ

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Heritage Motors
(520) 421-7126
1545 N Pinal Ave
Casa Grande, AZ

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Tropical Motors Llc
(520) 293-7704
950 W Wetmore Rd
Tucson, AZ

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Dynamite Auto Sales Inc
(602) 528-0848
1934 E Van Buren St
Phoenix, AZ

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Bell Lexus
(602) 866-3300
9238 W. Bell Rd.
Peoria, AZ
 
Vogue Tyres
(480) 945-1200
1200 N Scottsdale Rd
Scottsdale, AZ

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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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