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Dealer Wants Car Back - Wants More Money Escanaba MI

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.

Harbor Toyota
(231) 733-1478
1050 Fulton Street
Grand Haven, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Mercedes Benz Rochester Hills
(248) 652-3800
595 S Rochester Road
Rochester Hills, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Manistee Ford Mercury
(231) 723-9975
3471 Grant Highway
Manistee, MI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Tennyson Chevrolet
(734) 425-6500
32570 Plymouth Road
Livonia, MI
Services
SUV Repair,Truck Service Station,Auto Dealers

Gage Motor Mall
(616) 842-2250
1701 S Beacon Boulevard
Grand Haven, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Van Dealers,Used Car Dealers,Auto Dealers

Erics Auto Repair
(231) 592-1456
11421 Beech ave
Big Rapids, MI
Services
Auto Inspection,Emissions Testing,Auto Dealers

Elhart Dodge Nissan Hyundai
(616) 396-0441
870 Chicago Drive
Holland, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Van Dealers,Used Truck Dealers,Used Car Dealers,Auto Dealers

Bob de Nooyer Chevrolet Inc
(616) 396-2333
600 E 8th Street
Holland, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Clio Ford Inc
(810) 686-5900
4325 W Vienna Road
Clio, MI
Services
Truck Auto Body,Used Car Dealers,Auto Dealers

Harold Zeigler Auto Group Inc
(269) 375-4500
4201 Stadium Drive
Kalamazoo, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up 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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