Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Des Moines IA

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.

M & M Auto Brokers
(515) 282-0623
1338 21st St
Des Moines, IA

Data Provided by:
Auto World
(515) 279-1931
2400 Euclid Ave
Des Moines, IA

Data Provided by:
Integrity Automotive Group
(515) 277-0050
2500 Euclid Ave
Des Moines, IA
Car Makes
All
Hours
M-F 10 AM to 6 PM
Prices and/or Promotions
All

Rvr Car Co
(515) 285-8377
1026 Army Post Rd
Des Moines, IA

Data Provided by:
Rivers Edge Auto Sales
(515) 288-2075
4285 NW 2nd St
Des Moines, IA

Data Provided by:
Stock Motors Inc
(515) 277-5000
1101 SW 63rd St
Des Moines, IA

Data Provided by:
Car City Inc
(515) 278-4184
4550 Merle Hay Rd
Des Moines, IA

Data Provided by:
Auto Outlet
(515) 299-4741
2423 Euclid Ave
Des Moines, IA

Data Provided by:
Baileys Auto
(515) 246-1234
355 NE Broadway Ave
Des Moines, IA

Data Provided by:
Vehicle World
(515) 265-9037
709 Boyd St
Des Moines, IA

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