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Dealer Wants Car Back - Wants More Money Watertown 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.

Ewalds Hartford Ford Lincoln
(262) 673-9400
5788 State Road 60
Hartford, WI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Don Johnson Hayward Motors Inc
(715) 634-4848
15570 Us Highway 63
Hayward, WI
Services
Radiator Repair,Truck Service Station,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Baraboo Motors Inc
(608) 356-3968
640 Us Highway 12
Baraboo, WI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Twin Ports Truck and Auto Detail
(715) 395-6678
128 N 21st
Superior, WI
Services
Interior Cleaning,Interior Repair,Auto Dealers

Larson Chevrolet
(715) 392-5111
1420 Ogden Avenue
Superior, WI
Services
Radiator Repair,Truck Auto Body,Tune up Repair,Auto Dealers

L & R Motors
(920) 675-0525
1302 S Main St
Jefferson, WI

Data Provided by:
Van Dyn Hoven Hyundai
(920) 749-3232
3023 Victory Lane
Appleton, WI
Services
SUV Repair,Truck Service Station,Used Car Dealers,Auto Dealers

Dodgeland of Wisconsin
(414) 427-2000
6319 S 108th Street
Franklin, WI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Dearth Chrysler Dodge Jeep
(608) 325-3181
520 8th Street
Monroe, WI
Services
Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Newman Chevrolet Oldsmobile
(262) 377-3020
1181 Wauwatosa Rd
Cedarburg, WI
Services
Auto Body Repair,Auto Repair,Truck Dealers,Used Car Dealers,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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