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Dealer Wants Car Back - Wants More Money Dyersburg TN

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.

Joe Mahan Ford Inc
(731) 642-4711
211 Memorial Drive
Paris, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Metro Lincoln Mercury RV
(423) 230-2300
869 E Stone Drive
Kingsport, TN
Services
RV and Camper Repair,Auto Dealers

Sloan Ford Lincoln Mercury Inc
(931) 388-2463
115 S James Campbell Boulevard
Columbia, TN
Services
Alignment Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Stan Mc Nabb Chrysler Plymouth
(931) 455-1155
1200 New Manchester Highway
Tullahoma, TN
Services
Clutch Repair,Fuel Injection Repair,Tune up Repair,Used Truck Dealers,Used Car Dealers,Auto Dealers

Burgin Dodge Inc
(865) 688-3620
4500 Clinton Highway
Knoxville, TN
Services
Radiator Repair,Truck Auto Body,Tune up Repair,Van Dealers,Used Truck Dealers,Auto Dealers

King Cotton Ford Lincoln Mercury
(901) 476-7111
965 Highway 51 North
Covington, TN
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Russell Barnett Chevy GMC Cars Trucks New Used Dealer
(931) 967-4513
1981 Cowan Highway
Winchester, TN
Services
Radiator Repair,Retail Tire,Tune up Repair,Auto Dealers

Mazda of Jackson
(731) 421-1505
721 S Highland Avenue
Jackson, TN
Services
Truck Service Station,Auto Dealers

Golden Circle Ford Lincoln
(731) 664-0873
1432 Highway 45 Bypass
Jackson, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Crossville Ford Lincoln Mercury
(931) 484-5135
269 N Main Street
Crossville, TN
Services
SUV Repair,Used Car Dealers,Auto Dealers

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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