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Dealer Wants Car Back - Wants More Money Great Bend KS

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.

O'Reilly Auto Parts
(913) 294-3869
709 Baptiste Dr
Paola, KS
 
Eureka Muffler Plus Auto Sales
(620) 583-7537
202 E River St
Eureka, KS

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Always Save Auto Sales
(785) 267-7283
3840 Sw Topeka Blvd
Topeka, KS

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Olathe Toyota Parts Center
(800) 516-1455
685 N Rawhide Rd Olathe, KS 66061
Olathe, KS
Car Makes
Toyota
Hours
7am-7pm Mon-Fri, 8am-4pm Sat & 11am-4pm Sun CST ORDER ONLINE 24 HOURS A DAY!

Winterscheid Auto Parts
(913) 557-2387
502 Baptiste Dr
Paola, KS
 
Jay Hatfield Certified Used
(620) 232-2224
4001 Parkview Dr
Pittsburg, KS

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Jensen'S Fred Louisburg Auto Body
(913) 837-5244
301 S Metcalf Rd
Louisburg, KS
 
Davis-Moore Used Cars
(316) 685-5500
5927 E Kellogg Dr
Wichita, KS

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Bright Built Hot Rods
(785) 823-0022
5680 W Old Hwy 40
Salina, KS
Car Makes
1920 ,30, 40, 50, 60,70, 80, 90, 2000and up
Hours
7:30-6:00 M/F
Prices and/or Promotions
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Community Acceptance Corp
(913) 262-5805
5234 Merriam Dr
Shawnee, KS

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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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