Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Saint Joseph MO

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.

Dave's Auto Sales Inc
(816) 232-1400
308 S 22nd St
St Joseph, MO

Data Provided by:
J & B Motor Co
(816) 232-8875
1301 Frederick Ave
Saint Joseph, MO

Data Provided by:
Jim Davis Motors Inc
(816) 364-2348
1003 S Belt Hwy
Saint Joseph, MO

Data Provided by:
Springs Auto
(816) 233-0333
2718 Pear St
Saint Joseph, MO

Data Provided by:
Usa Motors
(816) 364-3072
1201 Garfield Ave
Saint Joseph, MO

Data Provided by:
K & R Auto Hut
(816) 279-0877
1727 Frederick Ave
St Joseph, MO

Data Provided by:
Affordable Quality Used Cars
(816) 233-8991
1522 Frederick Ave
Saint Joseph, MO

Data Provided by:
Missouri Auto Mart
(816) 390-8886
2019 S Belt Hwy
Saint Joseph, MO

Data Provided by:
couch motors
(816) 232-1535
2805 pear st.
st.joseph, MO
 
K & M Motors
(816) 232-1861
1001 S 22ND St
St Joseph, MO

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