Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Missoula MT

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.

Eide Motors Inc
(406) 721-2323
3010 S Reserve St
Missoula, MT

Data Provided by:
Eide Motors Inc
(406) 721-2323
3010 S Reserve St
Missoula, MT

Data Provided by:
Polson Auto Parts, NAPA
(406) 883-5251
49560 US Hwy 93
Polson, MT
 
Mayson Auto Sales
(409) 756-1680
2455 Highway 93 S
Kalispel, MT

Data Provided by:
Beacon Tire Center Inc.
(406) 883-6258
49523 US Hwy 93
Polson, MT
 
Nickel Cars
(406) 883-6417
35986 Memory Lane
Polson, MT
 
Elk Mountain Motorsports
(406) 495-1890
3431 US Hwy 12 E
Helena, MT

Data Provided by:
Barn Auctions
(406) 216-2288
816 15 st. n
Great Falls, MT
 
Kari Hyundai
(406) 755-5274
2030 Us Highway 2 E
Kalispell, MT

Data Provided by:
Upfront Auto Sales
(406) 457-0440
1821 N Montana Ave
Helena, MT

Data Provided by:
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