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Dealer Wants Car Back - Wants More Money La Follette TN

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.

H&H Automotive and Performance
(865) 755-7206
747 N Main St.
Clinton, TN
Car Makes
General Motors
Hours
M-F 8-5
Prices and/or Promotions
65/hr

Russell Barnett Ford Mercury Cars Trucks Vans Hybrid Crossovers
(931) 967-2277
4055 Tullahoma Highway
Winchester, TN
Services
Clutch Repair,Radiator Repair,Retail Tire,SUV Repair,Tune up Repair,Van Dealers,Auto Dealers

Joe Mahan Ford Inc
(731) 642-4711
211 Memorial Drive
Paris, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Robinson Toyota
(731) 668-1234
1377 Highway 45 Bypass
Jackson, TN
Services
SUV Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Mazda of Jackson
(731) 421-1505
721 S Highland Avenue
Jackson, TN
Services
Truck Service Station,Auto Dealers

Mazda Knoxville
(865) 690-9395
8814 Kingston Pike
Knoxville, TN
Services
Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Horns Honda of Cookeville
(931) 528-2525
606 E Spring Street
Cookeville, TN
Services
Motorcycle Fabrication,Auto Dealers

Cumberland Toyota
(931) 526-5600
1540 Interstate Drive
Cookeville, TN
Services
Alignment Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Grayson Pontiac Jeep BMW
(865) 693-4550
8729 Kingston Pike
Knoxville, TN
Services
Radiator Repair,Tune up Repair,Auto Dealers

Honda Shop
(931) 967-2219
2433 Decherd Boulevard
Winchester, TN
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

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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