Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Crawfordsville IN

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.

J & R Motors
(765) 423-2111
2409 US Hwy 231 S
Lafayette, IN

Data Provided by:
Professional Transportation Inc.
(317) 709-6566
5552 West 29th Place
Evansville, IN

Data Provided by:
Alpine Motor Sales
(219) 322-8092
7725 Lincoln Hwy
Crown Pt, IN

Data Provided by:
Carmel Motorsports
(317) 818-9977
3400 E 96th St
Indianapolis, IN

Data Provided by:
DVS Auto Sales LLC
3922 W Washington St
Indianapolis, IN

Data Provided by:
Twin City Dodge
(888) 258-9087
650 Sagamore Pkwy S
Lafayette, IN
 
Sorg South
(888) 880-6625
2845 N Detroit St
Warsaw, IN

Data Provided by:
Coast To Coast Auto Sales
(317) 596-9500
9200 E 131st St
Fishers, IN

Data Provided by:
J-Cam Auto Sales
(812) 793-8441
212 N Armstrong St
Crothersville, IN

Data Provided by:
G & G Auto Sales
(260) 456-1884
2804 E Pontiac St
Fort Wayne, IN

Data Provided by:
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