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Dealer Wants Car Back - Wants More Money Phoenixville PA

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.

Fiore Motors Inc
(610) 275-9776
69 W Germantown Pike
Norristown, PA
Services
Auto Body Repair,Auto Inspection,Auto Repair,Used Car Dealers,Auto Dealers

Roberts Auto Mall
(610) 269-8200
19 Park Lane
Downingtown, PA
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Piazza Acura Of West Chester
(610) 399-9500
1330 Wilmington Pike
West Chester, PA
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Del Toyota
(610) 383-6200
2945 E Lincoln Hwy
Coatesville, PA
Services
Auto Body Repair,Van Dealers,Auto Dealers

Bergeys Truck Centers
(215) 721-3400
446 Harleysville Pike
Souderton, PA
Services
Truck Auto Body,Van Dealers,Truck Dealers,Used Car Dealers,Auto Dealers

Tri County Toyota
(610) 327-1100
2148 E High St
Pottstown, PA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Jeff DAmbrosios Mitsubi
(610) 251-0900
1223 E Lancaster Avenue
Downingtown, PA
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Infiniti of Ardmore Leasing
(610) 649-3600
306 West Lancaster Avenue
Ardmore, PA
Services
Oil Change and Lube,Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Auto Dealers

Bergeys Buick GMC
(215) 721-3400
446 Harleysville Pike
Franconia, PA
Services
Auto Repair,Clutch Repair,Van Dealers,Truck Dealers,Used Car Dealers,Auto Dealers

Magarity Chevrolet Inc
(215) 233-5910
825 Bethlehem Pike
Flourtown, PA
Services
Alignment Repair,Collision Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Van Dealers,Auto Dealers

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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