Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Clearfield UT

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.

Totally Awesome Cars
(801) 776-0478
447 N Main St
Clearfield, UT

Data Provided by:
Midway Auto Plaza
(801) 593-8788
1285 N Main St
Layton, UT

Data Provided by:
U-Save Auto Sales
(801) 525-6500
1832 W 5300 S
Roy, UT

Data Provided by:
Amara Auto Plaza
(801) 866-0600
3711 Riverdale Rd
Ogden, UT

Data Provided by:
Energy Power Solutions
(801) 296-8300
PO Box 363
Kaysville , UT
 
The Pre-Owned Zone
(801) 776-6553
545 S. State St.
Clearfield, UT
 
Fuel It Cheap
(801) 635-0550
1028 W 550 S
Layton, UT
 
Glamour Glaze Window Tinting
(801) 776-8468
6022 S. 1900 W.
ROY, UT
 
Auto Hq
(801) 621-4142
3249 Wall Ave
Ogden, UT

Data Provided by:
Hatley's
(801) 392-4044
3163 Wall Ave
Ogden, UT

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