Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Dumont NJ

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.

Fisher Nissan
(201) 385-3600
318 S Washington Avenue
Bergenfield, NJ
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

D and C Honda of Tenafly
(201) 569-5515
28 County Rd
Tenafly, NJ
Services
Service Stations,Used Car Dealers,Auto Dealers

Paramus Ford Inc
(201) 262-4900
375 Route 17
Paramus, NJ
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Francesco Auto Sales
782 NEPPERHAN AVE
Yonkers, NY
 
Yonkers Honda
(914) 961-8180
2000 CENTRAL PARK AVE
Yonkers, NY
Services
Auto Inspection,Emissions Testing,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Detailing,Tune up Repair,Used Car Dealers,Auto Dealers

Nissan of Bergenfield
(201) 385-3600
318 South Washington Avenue
Bergenfield, NJ
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Chrysler of Paramus
(201) 845-0700
234 E State Route 4
Paramus, NJ
Services
Radiator Repair,Auto Dealers

Bergen Jaguar
(201) 444-7900
666 North State Route 17
Paramus, NJ
Services
Clutch Repair,Radiator Repair,Tune up Repair,Auto Dealers

N&W Auto Sales Ltd
887 NEPPERHAN AV
Yonkers, NY
 
Fjm Auto Sales & Serv Inc
952 SAWMILL RIVER RD
Yonkers, NY
 

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