Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Indianola IA

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.

Champlin Sales
(515) 961-4780
1206 W 2nd Ave
Indianola, IA

Data Provided by:
Finishing Shop
(515) 287-4567
2001 E Army Post Rd
Des Moines, IA

Data Provided by:
Alvarez Auto Sales
(515) 287-7900
4216 SE 14th St
Des Moines, IA

Data Provided by:
Aztec Motors
(515) 309-0031
1902 SE 14th St
Des Moines, IA

Data Provided by:
United Auto Sales
(515) 244-4405
906 E Park Ave
Des Moines, IA

Data Provided by:
Ron's Automotive
(515) 962-1966
1003 W 2nd Ave
Indianola, IA

Data Provided by:
Southridge Auto Sales
(515) 285-2800
6017 SE 14th St
Des Moines, IA

Data Provided by:
Carhop Auto Sales
(515) 244-4377
2527 SE 14th St
Des Moines, IA

Data Provided by:
Tbk Wholesale
(515) 953-1166
1611 Army Post Rd
Des Moines, IA

Data Provided by:
Wholesale Auto Inc
(515) 285-9903
4400 SW 9th St
Des Moines, IA

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