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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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Cottageville Motors
(843) 835-2330
10577 Cottageville Hwy
Cottageville, SC

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Equipment Resources
(864) 609-9600
PO Box 687
Piedmont, SC
 
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
 
Five Star Automotive
(803) 799-0050
201 S Assembly St
Columbia, SC

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Gene Reed's Auto Max Pre-Owned
(843) 764-2858
7501 Rivers Ave
North Charleston, SC

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Gourmet Garage
(803) 359-1044
102 Yachting Rd
Lexington, 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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