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Dealer Wants Car Back - Wants More Money Sun Prairie WI

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.

Kayser Automotive Group
(608) 873-5621
1411 Us Highway 51
Stoughton, WI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Don Miller Budget Auto Outlet
(608) 258-3526
854 E Washington Ave
Madison, WI

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All Star Great Cars
(608) 287-1961
1440 Martin St
Madison, WI

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5 Corners GMC Sales and Service
(262) 375-1200
1266 Washington Avenue
Cedarburg, WI
Services
Alignment Repair,Radiator Repair,Tune up Repair,Van Dealers,Truck Dealers,Auto Dealers

Timber Ford and Mercury
(715) 634-2829
16826 W US Highway 63
Hayward, WI
Services
Radiator Repair,Tune up Repair,Auto Dealers

Car Deals
(608) 628-9855
2957 Packers Ave
Madison, WI

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Campus Cars
(608) 255-9590
1337 Regent St
Madison, WI

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Ken Olson's Used Cars
(608) 423-3313
263 Rodney Rd
Cambridge, WI

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Homan Auto Sales Inc
(920) 324-7979
925 W Main Street
Waupun, WI
Services
Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Gustman Automotive Group
(715) 735-7483
3415 Gallagher Road
Marinette, WI
Services
SUV 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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