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Dealer Wants Car Back - Wants More Money Greenwood MS

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.

Mike Turner Auto Sales
(662) 453-7136
915 Highway 82 W
Greenwood, MS

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Laurel Ford Lincoln Mercury Inc
(601) 649-4511
2018 Highway 15 North
Laurel, MS
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Estabrook Toyota
(228) 762-3533
2203 Market Street
Pascagoula, MS
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Jim Robinson Chevrolet Cad
(228) 762-2711
3803 14th St
Pascagoula, MS
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Parts For Less
(601) 664-1660
2600 Hwy 80 E
Pearl, MS
 
Turan foley Motors Inc
(228) 539-7500
11123 Highway 49
Gulfport, MS
Services
SUV Repair,Truck Service Station,Truck Dealers,Auto Dealers

Crown Dodge Chrysler Jeep
(228) 769-1660
2707 Shortcut Road
Pascagoula, MS
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Acura Of Jackson
(601) 957-7007
828 Adcock Street
Ridgeland, MS
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Astro Pontiac Buick GMC
(228) 762-2233
1010 East Highway 90
Pascagoula, MS
Services
Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Van Dealers,Truck Dealers,Used Car Dealers,Auto Dealers

Abe's Auto Sales
(601) 371-3100
3619 Highway 80 E
Pearl, MS
 
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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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