Auto Leasing Guide
Go to LeaseGuide.com now !

Dealer Wants Car Back - Wants More Money Torrington CT

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.

Crowley R V
(860) 261-3050
9 Barber Street
Bristol, CT
Services
RV and Camper Repair,Auto Dealers,RV and Camper Dealers

Watertown Auto Sales
(860) 274-1908
970 Main St
Watertown, CT

Data Provided by:
Baron Motors Llc
(860) 274-7378
172 Davis St
Watertown, CT

Data Provided by:
Oak Street Auto Sales LLC
(203) 596-1524
34 Oak St
Waterbury, CT

Data Provided by:
Credit King Automotive
(203) 574-4799
184 Kukas Ln
Waterbury, CT

Data Provided by:
Torrington Toyota
(860) 482-9496
1472 E Main St
Torrington, CT

Data Provided by:
Ted Traub Auto Sales Inc
(860) 274-2318
1401 Main St
Watertown, CT

Data Provided by:
Farmington Auto Park LLC
(860) 747-8420
433 Farmington Ave
Plainville, CT
 
Good Guys Auto House Llc
(860) 410-1909
1103 Queen St # 3
Southington, CT

Data Provided by:
Autos Of Connecticut North Inc
(860) 653-7522
541 Salmon Brook St
Granby, CT

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