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Dealer Wants Car Back - Wants More Money Pikeville KY

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.

Layne Brothers Ford Lincoln
(606) 478-1234
7223 Us Highway 23 South
Pikeville, KY
Services
Radiator Repair,Tune up Repair,Auto Dealers

Hatfield Auto Rental Incorporated
(606) 353-4532
26317 US Hwy 119 S
Belfry, KY

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Shepherd Suzuki
(859) 624-5500
290 Eastern Bypass
Richmond, KY
Services
Engine Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Mansfield Automotive Group
(270) 338-3831
600 N Main Street
Greenville, KY
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Moore Ford Mercury Chrysler
(270) 298-4800
1201 S Main Street
Hartford, KY
Services
Radiator Repair,Tune up Repair,Auto Dealers

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

Dry Ridge Toyota
(859) 824-9200
18 Taft Highway
Dry Ridge, KY
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Gulf Auto Sales and Repair
(859) 233-1118
753 E Seventh St
Lexington, KY
Services
Towing Service,Auto Repair,Brake Repair,Service Stations,Transmission Repair,Auto Dealers

Wilson Motors
(270) 586-3245
208 North Main Street
Franklin, KY
Services
SUV Repair,Truck Service Station,Truck Dealers,Auto Dealers

Wilson Chevrolet Pontiac Buick
(270) 586-3245
208 N Main Street
Franklin, KY
Services
SUV Repair,Truck Dealers,Auto Dealers

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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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