Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Colorado Springs CO

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.

Japanese Connection Inc
(719) 574-5415
3519 E Boulder St
Colorado Springs, CO
Services
Oil Change and Lube,AC and Heating Repair,Alignment Repair,Auto Repair,Brake Repair,Clutch Repair,Electrical Repair,Fuel Injection Repair,Mufflers Repair,Retail Tire,Auto Dealers

Atlas Auto
(719) 444-0444
1925 E Platte Ave
Colorado Springs, CO

Data Provided by:
Larry H Miller Toyota
(719) 471-3100
1323 Motor City Dr
Colorado Springs, CO

Data Provided by:
Leitings Auto Sales
(719) 594-0055
3970 N Nevada Ave
Colorado Springs, CO

Data Provided by:
Universe Auto
(719) 632-3558
3023 N Hancock Ave
Colorado Springs, CO

Data Provided by:
Smart Buy Auto Sales
(719) 632-1424
729 N Union Blvd
Colorado Springs, CO

Data Provided by:
Garden Of The Gods Auto Sales
(719) 548-8811
410 Garden Of The Gods Rd
Colorado Springs, CO

Data Provided by:
Pikes Peak Acura
(719) 633-1500
655 Automotive Dr
Colorado Springs, CO

Data Provided by:
Go Autos
(719) 278-9000
4430 N Nevada Ave
Colorado Springs, CO

Data Provided by:
Mend Motors
(719) 591-7622
714 Valley Street
Colorado Springs, CO
Car Makes
All - imports and domestic
Hours
M-F 9-6, Sat and Sun 10-4
Prices and/or Promotions
Free estimates

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