Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money El Campo TX

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.

Cano's 24hr tire service and more
(979) 635-0193
885 cr 404
el campo, TX
 
Wolf Ford Mercury
(940) 552-2555
2803 Wilbarger Street
Vernon, TX
Services
Clutch Repair,Radiator Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Jim McNatt Toyota Scion
(940) 382-5481
4100 South Interstate 35 East
Denton, TX
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Witte Inc Pontiac GMC
(830) 780-3314
201 S Market Street
Karnes City, TX
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Monco Motor CO
(936) 598-5654
301 San Augustine Street
Center, TX
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Neessen Automotive
(361) 592-2668
2007 S Us Highway 77 Bypass
Kingsville, TX
Services
Alignment Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Used Truck Dealers,Used Car Dealers,Auto Dealers

Lone Star Dodge
(210) 249-7500
15447 West IH 10
San Antonio, TX
Services
Auto Repair,Clutch Repair,Used Truck Dealers,Used Car Dealers,Auto Dealers

Yamaha Motorcycles
(806) 373-3051
4413 E Interstate 40
Amarillo, TX
Services
Motorcycle Fabrication,ATV Dealers,Auto Dealers

Baytown Cadillac
(281) 471-8411
700 West Texas Avenue
La Porte, TX
Services
Clutch Repair,Auto Dealers

Lone Star Mitsubishi
(210) 340-8222
96 Northeast Loop 410
San Antonio, TX
Services
Auto Repair,Clutch Repair,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...

Click here to read the rest of this article from Lease Guide