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Dealer Wants Car Back - Wants More Money El Reno OK

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.

Bob Moore
(405) 721-6000
7402 Northwest Expressway Street
Oklahoma City, OK
Services
Truck Auto Body,Van Dealers,Auto Dealers

Don Hickey Used Car Lot
(405) 947-1833
1520 N Macarthur Blvd
Oklahoma City, OK

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Wheatland Motor Co
(405) 745-3182
7600 Newcastle Rd
Oklahoma City, OK

Data Provided by:
Bob Moore
(405) 721-6000
7402 Northwest Expressway Street
Oklahoma City, OK
Services
Truck Auto Body,Van Dealers,Auto Dealers

Mc Cullough Ford Inc
(580) 928-3369
800 NE Highway 66
Sayre, OK
Services
AC and Heating Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Cable Volkswagen Mitsubishi
(405) 787-0433
4710 NW 39th Street
Oklahoma City, OK
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

GKU electric vehicles
(405) 495-8440
1111 S. Council rd
OKC, OK
 
Mike Hellack Chevrolet
(580) 369-2344
1630 E Main Street
Davis, OK
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Carter County Dodge Chrysler
(580) 226-1210
3600 W Broadway Street
Ardmore, OK
Services
SUV Repair,Used Car Dealers,Auto Dealers

Eddie Cordes Jeep and Dodge LLC
(580) 353-3800
4800 NW Cache Road
Lawton, OK
Services
Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

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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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