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Dealer Wants Car Back - Wants More Money Albemarle NC

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.

Ben Mynatt Chevrolet Oldsmobile Cadillac
(704) 786-2151
281Concord Parkway, South
Concord, NC
 
Tommy's Auto Sales
(704) 888-1430
4651 Hwy 24 27 E
Midland, NC

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Rodeo Auto Sales Inc
(336) 837-0232
331 Waughtown St
Winston Salem, NC

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Carolina Auto Imports
(704) 599-2020
4015 N Tryon St
Charlotte, NC

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D & E Mitsubishi
(910) 799-4210
6220 Market St
Wilmington, NC
 
Tcl The Car Lot Inc
(704) 888-1145
12725 Hwy 601
Midland, NC

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Wendell Auto Brokers
(919) 365-4744
2605 NC Hwy 97
Wendell, NC

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Jbm Incorporated Auto Sales
(336) 427-5559
1007 W Academy St
Madison, NC

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Team Chevrolet Oldsmobile & Cadillac
(704) 636-9370
404 Jake Alexander Blvd.
Salisbur, NC
 
Pappa's Auto Sales
(704) 922-1155
2700 Dallas Cherryville Hwy
Dallas, NC

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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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