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Dealer Wants Car Back - Wants More Money Columbus NE

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.

Garcia Auto Sales
(402) 564-2608
4620 23RD St
Columbus, NE

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Dan's Used Cars
(402) 564-0255
4225 23RD St
Columbus, NE

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Val's Budget Cars
(402) 475-0644
2300 Q St
Lincoln, NE

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Ogallala Truck & Auto
(308) 284-4252
104 E H St
Ogallala, NE

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Cornhusker Motors
(402) 435-5415
2223 P St
Lincoln, NE

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Dan Tworek Repair
(402) 563-1620
4611 23RD St
Columbus, NE

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Lienemann Auto Sales
(402) 339-1223
7216 Main St
Ralston, NE

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Omaha Auto Inc
(402) 558-3040
2415 N 45TH St
Omaha, NE

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Mid America Auto Mart
(402) 342-2277
4636 S 84th St
Omaha, NE

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Saxtra Auto Sales
(402) 438-4080
2110 Cornhusker Hwy
Lincoln, NE

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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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