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Dealer Wants Car Back - Wants More Money Vincennes IN

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.

College Corner Autoplex
(800) 433-3243
1000 N 6th St
Vincennes, IN

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Bells Auto Sales
(219) 937-2886
4805 S Calumet Ave
Hammond, IN

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Aztec Auto & Accessories
(574) 658-4286
615 S Higbee St
Milford, IN

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Gates Toyota/Scion-South Bend
(574) 299-7400
640 W Ireland Rd
South Bend, IN

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G & G Auto Sales
(260) 456-1884
2804 E Pontiac St
Fort Wayne, IN

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Professional Transportation Inc.
(317) 709-6566
5552 West 29th Place
Evansville, IN

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Tonyboy Auto Sales
(219) 398-9694
4244 Indianapolis Blvd
East Chicago, IN

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J & R Motors
(765) 423-2111
2409 US Hwy 231 S
Lafayette, IN

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Hoosier Auto Sales
(317) 781-2882
4020 Madison Ave
Indianapolis, IN

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First Class Car Co
(317) 783-7500
3540 Madison Ave
Indianapolis, IN

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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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