Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Texarkana AR

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.

Classic Jeep
(903) 793-6791
3939 Summerhill Road
Texarkana, TX
Services
Oil Change and Lube,Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Service Station,Tune up Repair,Auto Dealers

Classic GMC Buick Pontiac
(903) 223-4333
4333 Mall Lane
Texarkana, TX
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

R H Car Sales
(870) 898-8776
1120 N Constitution Ave
Ashdown, AR

Data Provided by:
Jr. Meeks Chevrolet, Inc.
(870) 364-6516
1572 Highway 52 W
Crossett, AR

Data Provided by:
Lewis Automotive
(479) 582-6217
3373 n college
fayetteville, AR
 
Classic KIA
(903) 793-4623
4411 N State Line Avenue
Texarkana, TX
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Blackburns Used Cars
(903) 792-2277
5445 N Park Rd
Texarkana, TX

Data Provided by:
D & R Auto & Rv Sales
(870) 942-8408
2953 Highway 167 N
Sheridan, AR

Data Provided by:
Car Lot
(479) 890-9424
1111 S Arkansas Ave
Russellville, AR

Data Provided by:
Car City
(501) 268-8383
2515 E Race Ave
Searcy, AR

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