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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.

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

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Suttle Motor Corporation
(757) 886-1700
12525 Jefferson Ave, # A
Newport News, VA
Services
AC and Heating Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,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

Browns Prestige Car Sales and Leasing Inc
(703) 522-8808
8651 Centreville Rd
Manassas, VA
Services
Auto Body Repair,Auto Repair,Used Car Dealers,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

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

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Colonial Ford Sterling Isuzu
(804) 232-3492
1833 Commerce Road
Richmond, VA
Services
Retail Tire,Trailer Repair,Truck Parts,Van 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

Chase Motors Corporation
(804) 562-3940
8311 Midlothian Turnpike
Richmond, VA
Services
Motorcycle Fabrication,Motorcycle Repair,Used Car Dealers,Auto Dealers

Hall Isuzu Suzuki Mitsubishi
(757) 989-5700
13151 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck 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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