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Dealer Wants Car Back - Wants More Money West Bend 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.

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

Meeker Hill Auto Sales
(262) 628-3600
W215n11251 Appleton Ave
Germantown, WI

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Brown Deer Sales
(414) 365-1455
8975 W Brown Deer Rd
Milwaukee, WI

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

5 Corners GMC Sales and Service
(262) 375-1200
1266 Washington Avenue
Cedarburg, WI
Services
Alignment Repair,Radiator Repair,Tune up Repair,Van Dealers,Truck Dealers,Auto Dealers

Russ Darrow Toyota
(262) 334-9411
2800 W Washington Ave
West Bend, WI

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Sommer's Buick Subaru
(262) 242-0100
7211 West Mequon Road
Mequon, WI
 
Keyes Chevytown
(715) 235-2601
303 Oak Avenue
Menomonie, WI
Services
Car Detailing,Interior Cleaning,Interior Repair,Radiator Repair,SUV Repair,Truck Parts,Tune up Repair,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

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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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