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Dealer Wants Car Back - Wants More Money Aiken SC

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.

Ladd Britt Auto Sales
(803) 649-1038
2270 Whiskey Rd
Aiken, SC

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Waller Auto Co
(803) 266-7062
13073 Main St
Williston, SC

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Esm Used Cars
(803) 266-4301
10301 US Hwy 78
Elko, SC

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Palmetto Wholesale Auto Sales
(803) 735-8880
3801 Two Notch Rd
Columbia, SC

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Liberty Motors
(843) 863-0532
550 College Park Rd
Ladson, SC

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Barnes Used Cars
(803) 278-3345
838 Edgefield Rd
Belvedere, SC

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Courtyard Marriot
(334) 552-2869
1469 Swanee Quintet blvd
augusta, GA
 
Hammond Auto Sales LLC
(843) 413-2568
2732 Tv Rd
Florence, SC

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B P Motor Sales & Svc
(843) 549-5568
508 S Jefferies Blvd
Walterboro, SC

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Auto Image Inc
(803) 227-3660
4967 Two Notch Rd
Columbia, SC

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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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