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Dealer Wants Car Back - Wants More Money Shelbyville TN

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.

Stan Mc Nabb Chrysler Plymouth
(931) 455-1155
1200 New Manchester Highway
Tullahoma, TN
Services
Clutch Repair,Fuel Injection Repair,Tune up Repair,Used Truck Dealers,Used Car Dealers,Auto Dealers

American Towing & Recovery
(931) 222-7029
6172 Murfreesboro Hwy 31
Manchester, TN
 
Landers Ford Lincoln Mercury of Memphis
(901) 854-3600
2082 West Poplar Avenue
Collierville, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Johnson City Honda
(866) 994-2609
2806 N Roan St
Johnson City, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Bobs House of Honda
(731) 668-4191
603 Vann Drive, # A
Jackson, TN
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Pro Auto Sales
(931) 723-4567
4134 Woodbury Hwy
Manchester, TN

Data Provided by:
Rice Mitsubishi
(865) 690-4611
8314 Kingston Pike
Knoxville, TN
Services
Clutch Repair,SUV Repair,Used Car Dealers,Auto Dealers

Burgin Dodge Inc
(865) 688-3620
4500 Clinton Highway
Knoxville, TN
Services
Radiator Repair,Truck Auto Body,Tune up Repair,Van Dealers,Used Truck Dealers,Auto Dealers

Mazda of Jackson
(731) 421-1505
721 S Highland Avenue
Jackson, TN
Services
Truck Service Station,Auto Dealers

Sloan Ford Lincoln Mercury Inc
(931) 388-2463
115 S James Campbell Boulevard
Columbia, TN
Services
Alignment Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,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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