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Dealer Wants Car Back - Wants More Money Somerset 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.

Tri City Motors
(606) 679-4775
2724 S Highway 27
Somerset, KY

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Don Marshall Choice
(606) 676-8282
1147 S Hwy 27
Somerset, KY

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Spirit Chevrolet
(859) 734-7736
1072 Danville Road
Harrodsburg, KY
Services
Clutch Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

South 75 Chrysler Dodge Jeep
(859) 824-3300
140 Spears Lane
Crittenden, KY
Services
Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

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

DC Auto Sales
(606) 676-9940
5268 S Highway 27
Somerset, 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

Parker Ford Lincoln Mercury
(270) 753-5273
701 Main Street
Murray, KY
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Auto Dealers

Bob Allen Motors
(859) 236-3217
725 N Maple Avenue
Danville, KY
Services
Clutch Repair,Radiator Repair,Truck Auto Body,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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