Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money South Elgin IL

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.

Import Motors Pre-Driven Auto Sales
(847) 531-8750
1145 N LA Fox St
South Elgin, IL

Data Provided by:
Trade America Corp
(630) 584-2170
720 N 17th St Ste 11
Saint Charles, IL

Data Provided by:
Dupage Auto & Truck Exchange
(630) 876-0000
511 E Roosevelt Rd
West Chicago, IL

Data Provided by:
Jeep Eagle Of Schaumburg
(847) 882-2493
208 W Golf Rd
Schaumburg, IL

Data Provided by:
Schaumburg Chrysler
(847) 882-5564
1020 E Golf Rd
Schaumburg, IL

Data Provided by:
Bob Waterson Motorsports
(847) 695-5160
1505 N La Fox St
South Elgin, IL

Data Provided by:
maaco collision repair and auto painting
(630) 752-9240
252 commonwealth dr
carol stream, IL
 
Roselle Motors Inc
(630) 539-0090
25w175 Lake St
Roselle, IL

Data Provided by:
Subaru Of Schaumburg
(847) 884-6000
911 W Higgins Rd
Schaumburg, IL

Data Provided by:
Active Auto Sales
(630) 582-8855
24W483 Lake St
Roselle, IL

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