Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Millville NJ

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.

South Millville Auto Sales, Inc.
(856) 327-2082
2002 S 2nd St
Millville, NJ

Data Provided by:
Mms Auto Sales
(856) 453-9511
330 Commerce St E
Bridgeton, NJ

Data Provided by:
Keith M Motors
(856) 455-7155
700 Shiloh Pike
Bridgeton, NJ

Data Provided by:
Holman Cadillac
(856) 778-1000
1200 Route 73 S
Mount Laurel, NJ
 
BMW of Mt Laurel
(856) 840-1400
1220 Route 73 S
Mount Laurel, NJ
 
Fine Cars Inc
(856) 451-2810
1007 Pearl St N
Bridgeton, NJ

Data Provided by:
Bridgeton Realty
(856) 451-2400
65 W Commerce St
Bridgeton, NJ

Data Provided by:
Multiline Cars Inc.
(856) 459-0066
330 Commerce St E Ste 254
Bridgeton, NJ

Data Provided by:
Holman Ford Lincoln Mercury of Maple Shade
(800) 396-5799
571 Route 38
Maple Shade, NJ
 
Holman Scion
(856) 866-2000
1301 Route 73 North
Mount Laurel, NJ
 
Data Provided by:

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...

Click here to read the rest of this article from Lease Guide