Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Forest Grove OR

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.

Da Kar Co
(503) 992-1200
904 NW Martin Rd
Forest Grove, OR

Data Provided by:
Pierce Vehicle Consulting
(503) 649-7100
2810 SE 75TH Ave
Hillsboro, OR

Data Provided by:
Mario's Auto Sales
(503) 648-7338
4519 SE Tualatin Valley Hwy
Hillsboro, OR

Data Provided by:
Car City
(503) 844-2777
1131 SW Baseline St
Hillsboro, OR

Data Provided by:
Larry H. Miller Hyundai Hillsboro
(800) 240-1263
2871 SE Tualatin Valley Highway
Hillsboro, OR
Car Makes
Hyundai

K & S Wholesale Inc
(503) 359-1653
3821 Pacific Ave
Forest Grove, OR

Data Provided by:
D'Angelo Auto Sales
(503) 642-7915
1400 ne 48th ave
hillsboro, OR
 
Tualatin Valley Auto Wholesale
(503) 726-0287
140 SW Oak St
Hillsboro, OR

Data Provided by:
Perte Auto Sales
(503) 648-0900
1775 SE Tualatin Valley Hwy
Hillsboro, OR

Data Provided by:
Larry Miller Honda-Hillsboro
(503) 286-8811
750 Sw Oak St
Hillsboro, OR

Data Provided by:
Data Provided by:

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