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Dealer Wants Car Back - Wants More Money Warrensburg MO

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.

Clark Chrysler Dodge
(573) 346-2293
1358 N Business Route 5
Camdenton, MO
Services
AC and Heating Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Van Dealers,Auto Dealers

Carthage Ford Mercury Auto
(417) 358-4037
2920 S Grand Avenue
Carthage, MO
Services
Truck Auto Body,Auto Dealers

Bluff City Toyota
(573) 785-5761
801 S Westwood Blvd
Poplar Bluff, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Ozark Ford Lincoln Mercury
(573) 346-5551
268 N State Highway 5
Camdenton, MO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Van Dealers,Auto Dealers

Marshall Chrysler Jeep Dodge
(660) 886-4300
1450 W Arrow Street
Marshall, MO
Services
Auto Inspection,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Reliable Superstore
(417) 889-9000
3521 E Sunshine Street
Springfield, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Auto Dealers

Sikeston Motor Company
(573) 471-1255
1030 S Main
Sikeston, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Huberts Ford Sales Company
(417) 993-5511
Highway 65
Urbana, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Blue Ridge Mazda
(816) 358-6500
6824 Blue Ridge Boulevard
Raytown, MO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Glen SAIN Chevrolet Cadillac
(573) 888-1972
1607 Independence Avenue
Kennett, MO
Services
Fuel Injection Repair,Radiator Repair,Auto Dealers

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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