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Dealer Wants Car Back - Wants More Money Clinton IA

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.

Rotti Motors
(563) 243-4520
1641 S Bluff Blvd
Clinton, IA

Data Provided by:
Dale Howard
(641) 648-4691
600 Brooks Road
Iowa Falls, IA
Services
SUV Repair,Auto Dealers

Rydell Chevrolet
(319) 234-4601
1325 E San Marnan Drive
Waterloo, IA
Services
AC and Heating Repair,Truck Auto Body,Used Cars Dealers,Auto Dealers

Glendenning Motor CO Inc Sales Service Parts Department
(641) 464-3216
204 S Taylor
Mount Ayr, IA
Services
SUV Repair,Auto Dealers

Fischer Chevrolet and Implement
(641) 756-3511
113 E Main Avenue
Rockford, IA
Services
Truck Service Station,Auto Dealers

All American Auto Center LLC
(319) 653-7266
1738 E Washington St
Washington, IA
Services
AC and Heating Repair,Alignment Repair,Auto Body Repair,Clutch Repair,Engine Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Cars Dealers,Auto Dealers

Lujacks Northpark Auto Plaza
(563) 386-1511
3700 N Harrison Street
Davenport, IA
Services
Car Detailing,Clutch Repair,Interior Cleaning,Interior Repair,Auto Dealers

Leading Edge Ford
(641) 732-5551
1326 Main Street
Osage, IA
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Cars Dealers,Auto Dealers

Witham Auto Center
(319) 234-4200
2033 Laporte Road
Waterloo, IA
Services
Clutch Repair,Truck Auto Body,Truck Dealers,Used Cars Dealers,Auto Dealers

Krueger Auto and Truck Villa Inc
(319) 352-9000
2320 5th Avenue Northwest
Waverly, IA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Trailer Repair,Tune up Repair,Auto Dealers

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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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