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Dealer Wants Car Back - Wants More Money Moundsville WV

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.

A & B Kia
(740) 671-2020
5310 Guernsey St
Bellaire, OH

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Schooler's Custom Auto
(740) 635-1212
106 N 5th Street
Martins Ferry, OH

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Urse Honda
(304) 842-5600
350 Barnett Run Road
Bridgeport, WV
Services
Auto Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Worldwide Equipment Inc
(304) 884-7815
685 Lewis County Industrl Park
Jane Lew, WV
Services
Truck Parts,Van Dealers,Truck Dealers,Auto Dealers

Sheets GMC
(304) 456-4484
Route 92
Green Bank, WV
Services
Radiator Repair,Tune up Repair,Auto Dealers

A & B Auto Sales Inc
(740) 671-3030
5310 Guernsey St
Bellaire, OH

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Economy Auto Sales
(740) 633-6500
317 Hanover St
Martins Ferry, OH

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Moore Chrysler Dodge Jeep
(304) 235-8040
1523 W 3rd Avenue
Williamson, WV
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Ztech
(304) 736-2060
3455 US Route 60
Huntington, WV
Services
Trailer Repair,Truck Parts,Auto Dealers

Urse Dodge Chrysler Jeep
(304) 844-0713
14 tygart valley loop
fairmont, WV
 
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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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