Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Portland OR

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.

Toyota of Gladstone
(503) 655-7100
19375 McLoughlin Boulevard
Gladstone, OR
Services
Clutch Repair,Emissions Testing,Radiator Repair,Speedometer Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Market Driven Automotive Group
(503) 233-9100
1005 SE Washington St
Portland, OR

Data Provided by:
Convention Center Auto Whol
(503) 232-3100
419 E Burnside St
Portland, OR

Data Provided by:
Rallitek Performance
(503) 309-8645
628 SE Mill St
Portland, OR

Data Provided by:
West One Automotive Group
(503) 222-1335
2046 NW Irving St
Portland, OR

Data Provided by:
Tonkin Wilsonville Nissan
(503) 222-2277
26700 SW 95th Avenue
Wilsonville, OR
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Van Dealers,Auto Dealers

Grant Culver Cars
(503) 810-6602
15 SE 15th Ave
Portland, OR

Data Provided by:
Cars
(503) 235-9223
521 SE Madison St
Portland, OR

Data Provided by:
Falcon Auto Inc
(503) 235-7555
910 E Burnside St
Portland, OR

Data Provided by:
Charles H Bleeg Motors
(503) 236-3472
1540 NE Sandy Blvd
Portland, OR

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