Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Gig Harbor WA

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.

Bruce Titus Chevrolet
(253) 627-3111
633 Division Avenue
Tacoma, WA
Services
Clutch Repair,Radiator Repair,Tune up Repair,Van Dealers,Truck Dealers,Auto Dealers

Titus Will Ford Toyota Scion
(253) 475-4151
3606 S Sprague Avenue
Tacoma, WA
Services
Clutch Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Van Dealers,Truck Dealers,Auto Dealers

BMW Northwest Inc
(253) 922-8700
4011 20th Street East
Tacoma, WA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Auto Waune
(253) 858-9373
14612 Purdy Dr Nw
Gig Harbor, WA
 
Schuck'S Auto Supply
(253) 851-5070
4928 Point Fosdick Dr Nw
Gig Harbor, WA
 
South Tacoma Honda
(253) 472-2300
7802 S Tacoma Way
Tacoma, WA
Services
Radiator Repair,Tune up Repair,Auto Dealers

Lakewood Ford
(253) 473-8524
6202 South Tacoma Way
Tacoma, WA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Lug Nutz Auto & Marine
(253) 678-0071
9511 54th Ave Nw
Gig Harbor, WA
 
Absolute Auto Care
(253) 884-3307
9707 Key Peninsula Hwy N
Gig Harbor, WA
 
Keith'S Auto Repair
(253) 858-9427
14302 97th Ave Nw
Gig Harbor, WA
 

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