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Dealer Wants Car Back - Wants More Money Malden MA

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.

Atlantic Toyota
(781) 599-4922
671 Lynnway
Lynn, MA
Services
Auto Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Hondar House Inc
(617) 547-1950
227 Prospect St
Cambridge, MA
Services
Oil Change and Lube,AC and Heating Repair,Auto Repair,Brake Repair,Clutch Repair,Mufflers Repair,Auto Dealers

Parts
(781) 935-7009
200 Cambridge Road
Woburn, MA
Services
Clutch Repair,Auto Dealers

Westminster Dodge Inc
(617) 288-3100
710 William T Morrissey Boulevard
Boston, MA
Services
Auto Body Repair,Truck Auto Body,Truck Dealers,Used Car Dealers,Auto Dealers

Clay Auto Sales Service Body Shop
(617) 323-3434
361 Belgrade Ave
West Roxbury, MA
Services
Auto Body Repair,Auto Repair,Used Truck Dealers,Used Car Dealers,Auto Dealers

Civic Center Honda Toyota
(617) 539-4460
96 Pauline Street
Winthrop, MA
Services
Emissions Testing,Auto Dealers

Albrecht Auto Group
(781) 933-1100
394 Washington St
Ste A1
Woburn, MA
Services
Clutch Repair,Fuel Injection Repair,Service Stations,SUV Repair,Used Car Dealers,Auto Dealers

Clark and White Inc
(617) 928-5400
777 Washington Street
Newtonville, MA
Services
Alignment Repair,Auto Body Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Ira Motor Group
(978) 739-8600
99 Andover Street, # B
Danvers, MA
Services
Truck Service Station,Auto Dealers

South Shore Chrysler Inc
(781) 843-3633
178 Washington Street
Braintree, MA
Services
AC and Heating Repair,Alignment Repair,Auto Body Repair,Auto Inspection,Clutch Repair,Emissions Testing,Engine Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Truck Detailing,Tune up Repair,Used Car Dealers,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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