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Dealer Wants Car Back - Wants More Money Martinsville VA

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.

Barrow Automobiles Inc
(336) 623-3115
833 S Van Buren Rd
Eden, NC

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Thompson Chrysler Dodge
(540) 639-3938
3431 Radford Road
Christiansburg, VA
Services
Alignment Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Auto Dealers

Duncan Ford Mercury
(540) 483-0253
19999 Virgil H Goode Highway
Rocky Mount, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Pearson Dodge
(804) 794-0300
11701 Midlothian Turnpike
Midlothian, VA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Charles Barker Automotive
(757) 234-6000
12831 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Boss Motor Co
(336) 623-5554
206 Boone Rd
Eden, NC

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Duke Chevrolet Oldsmobile Pontiac Buick Cadillac
(800) 734-1129
2016 Main Street
Suffolk, VA
Services
Clutch Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Dulles Motor Cars
(703) 777-7077
107 Catactin Circle Southeast
Leesburg, VA
Services
Oil Change and Lube,Alignment Repair,Emissions Testing,Fuel Injection Repair,Mobile Auto Repair,Paintless Dent Repair,Radiator Repair,Truck Auto Body,Truck Service Station,Tune up Repair,Used Car Dealers,Auto Dealers

Fairfax Autobody
(703) 273-1850
9610 Lee Highway
Fairfax, VA
Services
Collision Repair,Auto Dealers

Grundy Honda
(276) 935-2447
Riverside Drive
Grundy, VA
Services
Motorcycle Fabrication,Motorcycle Repair,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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