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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

Timber Ford and Mercury
(715) 634-2829
16826 W US Highway 63
Hayward, WI
Services
Radiator Repair,Tune up Repair,Auto Dealers

Amery Ford Mercury Inc
(715) 268-7127
320 Keller Avenue South
Amery, WI
Services
AC and Heating Repair,Auto Dealers

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

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

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

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

Phillipson Inc
(608) 543-3033
108 S State Street
Argyle, WI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

West Side GM
(920) 361-5100
270 Broadway Street
Berlin, WI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Homan Auto Sales Inc
(920) 324-7979
925 W Main Street
Waupun, WI
Services
Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

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...

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