Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money New Iberia LA

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.

J P Thibodeaux Used Cars
(337) 367-3287
6100 Hwy 90 W
New Iberia, LA

Data Provided by:
Rabeauxs Auto Sales
(337) 991-9100
6882 Johnston St
Lafayette, LA
 
Alpha Automobile Sales
(337) 988-1960
6904 Johnston St
Lafayette, LA

Data Provided by:
Blackwells Automotive Inc
(985) 542-7702
107 Market Street
Hammond, LA
Services
Electric Car Repair,Auto Dealers

All Star Automotive Group
(318) 445-1486
5757 Coliseum Boulevard
Alexandria, LA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Cajun Cars & Trucks
(337) 269-8805
3231 W Pinhook Rd
Lafayette, LA

Data Provided by:
Alpha Automobile Sales, LLC
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
Progressive Motors
(337) 406-2886
1909 Johnston St
Lafayette, LA

Data Provided by:
Cadillac of Metairie
(504) 885-3000
3100 Lime Street
Metairie, LA
Services
Auto Body Repair,Radiator Repair,Tune up Repair,Auto Dealers

Billy Navarre Chevrolet of Sulphur
(337) 527-5754
701 E Napoleon Street
Sulphur, LA
Services
AC and Heating Repair,Auto Dealers

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