Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Hastings NE

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.

Spady Scott Motor Sales Incorporated
(402) 463-8255
1300 W J St Ste II
Hastings, NE

Data Provided by:
King Auto Sales
(402) 504-4100
209 Fort Crook Rd N
Bellevue, NE

Data Provided by:
Miller's Auto Sales
(402) 721-0440
2229 E 23RD Ave S
Fremont, NE

Data Provided by:
El Charro Auto Sales
(402) 435-0868
2120 W O St
Lincoln, NE

Data Provided by:
Dan's Used Cars
(402) 564-0255
4225 23RD St
Columbus, NE

Data Provided by:
Shade's Classic Corner Cars
(402) 463-5577
321 N Burlington Ave
Hastings, NE

Data Provided by:
Val's Budget Cars
(402) 475-0644
2300 Q St
Lincoln, NE

Data Provided by:
Ambition Motors
(402) 742-0053
300 O St
Lincoln, NE

Data Provided by:
Sonny Gerber Auto Sales
(402) 556-4086
4519 Cuming St
Omaha, NE

Data Provided by:
College View Auto Sales
(402) 441-4835
4103 S 48th St
Lincoln, NE

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