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Dealer Wants Car Back - Wants More Money Elkhorn WI

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.

delavanautobody
(262) 728-5501
710 ann st
delavan, WI
Car Makes
bodyshopandcollisionrepair
Hours
m to f 8am to 5pm sat 9am to 1 pm
Prices and/or Promotions
comopetitive prices

Burlington Auto Sales
(262) 763-3602
548 Bridge St
Burlington, WI

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Kocourek Wausau Imports
(715) 359-0303
1501 Morning Glory Ln
Wausau, WI
Services
Auto Repair,Clutch Repair,Collision Repair,Auto Dealers

Hanna Trailers Inc
(414) 762-7950
7575 S Howell Avenue
Oak Creek, WI
Services
Trailer Repair,Truck Parts,Auto Dealers,RV and Camper Dealers

Keyes Chevytown
(715) 235-2601
303 Oak Avenue
Menomonie, WI
Services
Car Detailing,Interior Cleaning,Interior Repair,Radiator Repair,SUV Repair,Truck Parts,Tune up Repair,Used Car Dealers,Auto Dealers

Zingg GM
(262) 473-3072
1389 W Main St
Whitewater, WI
 
Reliable Rides Llc
(262) 534-6262
28020 Kramer Dr # 100
Waterford, WI

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Gross Motors
(715) 284-5425
404 E Division Street
Neillsville, WI
Services
Auto Glass Repair,Engine Repair,Paintless Dent Repair,Used Car Dealers,Auto Dealers

5 Corners GMC Sales and Service
(262) 375-1200
1266 Washington Avenue
Cedarburg, WI
Services
Alignment Repair,Radiator Repair,Tune up Repair,Van Dealers,Truck Dealers,Auto Dealers

Gillis Motors
(715) 634-2651
316 E 1st Street
Hayward, WI
Services
Radiator Repair,Tune up Repair,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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