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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
 
Immel Motors
(830) 997-2129
1279 S Us Highway 87
Fredericksburg, TX
Services
Alignment Repair,Auto Glass Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Lone Star BMW Triumph
(512) 451-7979
10600 N Lamar Boulevard
Austin, TX
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Ed Payne Harlingen
(956) 423-3878
1101 S Commerce Street
Harlingen, TX
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Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

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

Neesen Automotive
(361) 595-4166
2007 South Highway Us 77
Kingsville, TX
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Alignment Repair,Fuel Injection Repair,Radiator Repair,Used Car Dealers,Auto Dealers

Frontier Dodge Chrysler Jeep
(806) 798-4500
5801 Spur 327
Lubbock, TX
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Mc Gavock Lincoln Mercury
(806) 794-2511
4801 S Loop 289
Lubbock, TX
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Nissan of Grapevine Texas
(817) 601-3600
1401 W State Highway 114
Grapevine, TX
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Trophy Toyota
(903) 463-9800
2020 N Us Highway 75
Denison, TX
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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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