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Dealer Wants Car Back - Wants More Money Overland Park KS

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.

Blue Ridge Mazda
(816) 358-6500
6824 Blue Ridge Boulevard
Raytown, MO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

New Michael's Motors
(913) 383-9000
10555 Marty St
Shawnee Mission, KS

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Molle Toyota Scion
(816) 942-5200
601 W. 103rd St.
Kansas City, MO
 
George's Imports, Ltd.
(816) 333-6582
8011 State Line Rd.
Kansas City, MO
 
Bob Smith Motor Co
(816) 363-1190
215 W Gregory Blvd
Kansas City, MO

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Overland Park Jeep Dodge
(913) 381-8100
8775 Metcalf ave
Overland Park , KS
 
KC Detailing
(913) 548-1396
9202 Nieman Road
Overland Park, KS
Car Makes
All
Hours
m-saturday 9am to 6pm

P & R Auto Sales
(816) 926-9700
8205 Wornall Rd
Kansas City, MO

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Uptown Auto Sales
(816) 361-6900
8047 Wornall Rd
Kansas City, MO

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Lextay Professional Auto Dtlrs
(816) 444-0006
7820 Wornall Rd
Kansas City, MO

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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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