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Dealer Wants Car Back - Wants More Money Centreville VA

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.

Dudley Martin Chevrolet
(703) 631-0250
8000 Sudley Road
Manassas, VA
Services
Auto Body Repair,Auto Repair,Truck Dealers,Auto Dealers

Fairfax Autobody
(703) 273-1850
9610 Lee Highway
Fairfax, VA
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Collision Repair,Auto Dealers

Lustine Toyota
(888) 608-1696
14227 Jefferson Davis Hwy
Woodbridge, VA
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Auto Parts,Auto Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

chevroletusedcarsva
(888) 235-8742
Pohanka Chevrolet 13915 Lee Jackson Hwy
Chantilly, VA
 
Chantilly Motors
(703) 830-5555
14158 Willard Rd Ste B
Chantilly, VA

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(703) 522-8808
8651 Centreville Rd
Manassas, VA
Services
Auto Body Repair,Auto Repair,Used Car Dealers,Auto Dealers

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(703) 777-7077
107 Catactin Circle Southeast
Leesburg, VA
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Pohanka Chevrolet 13915 Lee Jackson Hwy
Chantilly, VA
 
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(703) 968-9100
13909 Lee Jackson Memorial Hwy
Chantilly, VA

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(703) 393-2886
10531 Croatia Way
Manassas, VA

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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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