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Dealer Wants Car Back - Wants More Money Fort Collins CO

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.

Pedersen Auto Plaza Volvo
(303) 534-2613
4455 S Mason Street
Fort Collins, CO
Services
Paintless Dent Repair,Auto Dealers

Heritage Ford L M Inc
(970) 667-2220
999 East Eisenhower Boulevard
Loveland, CO
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Auto Dealers,Used Car Dealer

Zalli Motors Llc
(970) 797-2608
935 N College Ave
Fort Collins, CO

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Cross Country Motors
(970) 669-3280
3600 Garfield Ave
Loveland, CO

Data Provided by:
Craig Ford Mercury Inc
(970) 824-9441
801 W Victory Way
Craig, CO
Services
SUV Repair,Auto Dealers

Interstate Honda
(970) 493-8881
858 SE Frontage Road
Fort Collins, CO
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Pedersen Toyota
(970) 688-4358
4455 S. College Avenue
Fort Collins, CO
Car Makes
Toyota

Gonzales Auto Sales
(970) 493-4974
418 S Summit View Dr
Fort Collins, CO

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Japanese Connection Inc
(719) 574-5415
3519 E Boulder St
Colorado Springs, CO
Services
Oil Change and Lube,AC and Heating Repair,Alignment Repair,Auto Repair,Brake Repair,Clutch Repair,Electrical Repair,Fuel Injection Repair,Mufflers Repair,Retail Tire,Auto Dealers

Lithia Volkswagen of Thornton
(303) 438-5200
1900 W 104th Avenue
Denver, CO
Services
Fuel Injection Repair,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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