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Dealer Wants Car Back - Wants More Money Hilo HI

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.

Hilo Kona Mazda Subaru
(808) 961-4411
1 Keaa Street
Hilo, HI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Big Island Toyota Suzuki Scion
(808) 969-1651
811 Kanoelehua Avenue
Hilo, HI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Van Dealers,Auto Dealers

Anders Automotive
(808) 247-5299
46-168 Malina Place
Kaneohe, HI
Services
Radiator Repair,Tune up Repair,Auto Dealers

Big Island Toyota Suzuki
(808) 935-2920
811 Kanoelehua Avenue
Hilo, HI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Big Island Toyota Suzuki Scion
(808) 969-1651
811 Kanoelehua Avenue
Hilo, HI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Van Dealers,Auto Dealers

Big Island Toyota Suzuki
(808) 935-2920
811 Kanoelehua Avenue
Hilo, HI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Mac Ayan Motors
(808) 935-9100
709 Kanoelehua Ave
Hilo, HI

Data Provided by:
Hilo Kona Mazda Subaru
(808) 961-4411
1 Keaa Street
Hilo, HI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

King Windward Nissan
(808) 235-6433
45-568 Kamehameha Highway
Kaneohe, HI
Services
Radiator Repair,Tune up Repair,Auto Dealers

Servco Auto Leeward Truck
(808) 564-1000
94-729 Farrington Highway, # 1118
Waipahu, HI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

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...

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