Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Clinton MS

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.

Acura Of Jackson
(601) 957-7007
828 Adcock Street
Ridgeland, MS
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Advance Auto Parts
(601) 925-6022
300 Highway 80 E
Clinton, MS
 
O'Reilly Auto Parts
(601) 925-1889
700 Highway 80 E
Clinton, MS
 
Allbritton's Auto Sales
(601) 857-3155
113 E Main St
Clinton, MS
 
Davis Tire & Auto
(601) 925-4711
604 Springridge Rd
Clinton, MS
 
George Patton Used Auto Parts
(601) 924-9822
174 Patton Dr
Clinton, MS
 
NAPA Auto Parts
(601) 924-8356
811 Highway 80 E
Clinton, MS
 
Auto Zone
(601) 924-0025
824 E Northside Dr
Clinton, MS
 
Superglass Windshield Repair
(601) 925-8065
325 Hwy 80 East
Clinton, MS
 
Clinton Auto Supply-Rod's
(601) 924-1404
230 Clinton Blvd
Clinton, MS
 

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