Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Mount Juliet TN

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.

Islander Auto Sales
(615) 758-2980
11846 Lebanon Rd
Mt Juliet, TN

Data Provided by:
Autoplex
(615) 824-5552
760 W Main St
Hendersonville, TN

Data Provided by:
Peggy's Auto Sales
(615) 824-8730
615 W Main St
Hendersonville, TN

Data Provided by:
Green Light Car Sales
(615) 431-0786
416 West Main Street
Hendersonville , TN
 
Bamtn.com
(615) 730-3608
103 Edgeview Court
Hendersonville, TN
 
Turners Auto Sales
(615) 847-4977
3201 Old Hickory Blvd
Old Hickory, TN

Data Provided by:
MOSLEY MOTOR COMPANY
(615) 481-2443
118 OLD SHACKLE ISLAND ROAD
HENDERSONVILLE, TN
 
Mosley Motor Co
(615) 431-0518
118 Old Shackle Island Rd
Hendersonville, TN
 
Car Smart Llc
(615) 822-9711
1023 W Main St
Hendersonville, TN

Data Provided by:
Aaa Auto Sales
(615) 399-5010
829 Murfreesboro Pike
Nashville, TN

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