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Dealer Wants Car Back - Wants More Money Corvallis OR

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.

Al Hutchinson's Auto Ctr
(541) 753-5944
1800 NW 9th St
Corvallis, OR

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Amigo Motors
(541) 967-8050
201 1ST Ave NE
Albany, OR

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Dick Mullican Auto Ctr
(541) 928-6013
1545 Pacific Blvd SE
Albany, OR

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Tonkin Wilsonville Nissan
(503) 222-2277
26700 SW 95th Avenue
Wilsonville, OR
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Van Dealers,Auto Dealers

Gold Chevrolet Cadillac
(541) 265-7731
1422 N Coast Highway
Newport, OR
Services
Clutch Repair,Fuel Injection Repair,Tune up Repair,Auto Dealers

Mark Thomas Motors Inc
(541) 928-2277
408 Pacific Blvd SW
Albany, OR

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Premier Auto Sales
(541) 926-4204
2860 Santiam Hwy SE
Albany, OR

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Auto City
(541) 704-2127
1250 Price Rd SE
Albany, OR

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Cascade Auto Group
(541) 883-7701
2810 Washburn Way
Klamath Falls, OR
Services
Alignment Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Gary Gruner Chevrolet Pontiac
(541) 475-2238
2000 SW Highway 26
Madras, OR
Services
Clutch Repair,Fuel Injection Repair,Radiator 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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