Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Green Valley AZ

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.

Auto Del Sol
(520) 908-2040
4515 W Valencia Rd
Tucson, AZ

Data Provided by:
Abe's Car Sales
(520) 398-7337
5160 S 12TH Ave
Tucson, AZ

Data Provided by:
World Motors
(480) 921-0792
909 E Lemon St
Tempe, AZ

Data Provided by:
Lawley's Avondale Preown
(623) 932-9329
507 E Van Buren St
Avondale, AZ

Data Provided by:
Biddulph Mazda
(623) 933-3900
8424 W. Bell Rd.
Peoria, AZ
 
J & S Wholesale
(520) 295-3831
3359 E Benson Hwy
Tucson, AZ

Data Provided by:
Cristopher Motors
(520) 434-0044
5245 S 12th Ave
Tucson, AZ

Data Provided by:
Shade Tree Automotive Equipment
(602) 323-0978
319 E Pioneer St
Phoenix, AZ

Data Provided by:
Fernando Gandara Co Los Compas
(602) 268-8483
4021 S Central Ave
Phoenix, AZ

Data Provided by:
Knourek Auto Sales
(480) 968-0804
1045 E Curry Rd
Tempe, AZ

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