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Dealer Wants Car Back - Wants More Money Los Alamos NM

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.

Chevrolet Authorized Sales and Service
(505) 722-7701
1900 South 2nd Street
Gallup, NM
Services
Oil Change and Lube,Auto Body Repair,Truck Auto Body,Truck Service Station,Auto Dealers

Smith Ford Inc
(575) 542-3551
412 E Motel Drive
Lordsburg, NM
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Albuquerque Auto Outlet
(505) 271-1414
2020 Eubank Blvd NE
Albuquerque, NM

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That Car Place Inc
(505) 266-4666
701 Wyoming Blvd NE
Albuquerque, NM

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Win Win Auto Sales
317 Muriel St NE
Albuquerque, NM

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High Desert Honda
(575) 769-0030
200 N Prince Street
Clovis, NM
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Springer Auto Company
(505) 483-2494
824 Fourth Street
Springer, NM
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Auto Exchange
(505) 265-8144
415 Wyoming Blvd NE
Albuquerque, NM

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Aspen Mountain Motors
(505) 983-5500
1310 Cerrillos Rd
Santa Fe, NM

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Lexus Of Albuquerque
(505) 341-1600
4821 Pan American West Fwy NE
Albuquerque, NM

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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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