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Dealer Wants Car Back - Wants More Money Keene NH

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.

Roberts Chrysler Jeep Dodge LLC
(603) 924-7777
RR 101
Peterborough, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Westminster Auto Svc
(802) 722-4722
6156 US Rte 5
Westminster STA, VT

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Dobles Chevrolet Inc
(603) 669-8480
1250 S Willow Street
Manchester, NH
Services
Clutch Repair,Auto Dealers

Autofair Toyota Of Manchester
(603) 624-1800
33 Auto Center Rd
Manchester, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Lakeview Trailer Sales
(603) 899-0003
1210 Us Route 202
rindge, NH
Services
RV and Camper Repair,Trailer Repair,Auto Dealers

Lakeview Trailer Sales
(603) 899-0003
1210 Us Route 202
rindge, NH
Services
RV and Camper Repair,Trailer Repair,Auto Dealers

Ford Rent A Car System
(603) 448-3363
Miracle Mile
Lebanon, NH
Services
Alignment Repair,Auto Body Repair,Truck Auto Body,Used Car Dealers,Auto Dealers

Bill Dube Ford
(603) 749-5500
40 Dover Point Road
Dover, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Dealers,Used Car Dealers,Auto Dealers

M and M Ford
(603) 736-9323
Route 28 N
Epsom, NH
Services
Alignment Repair,Auto Body Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Bill Dube Toyota
(603) 749-5500
40 Dover Point Rd
Dover, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Dealers,Used Car Dealers,Auto Dealers

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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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