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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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George's Quick Auto Credit
(704) 372-0000
3815 Monroe Rd
Charlotte, NC

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R & D Auto Sales
(336) 597-4388
1071 Leasburg Rd
Roxboro, NC

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Safety Supply Solutions
(828) 650-6520
1871 Hendersonville Road #121
Asheville, NC

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Tcl The Car Lot Inc
(704) 888-1145
12725 Hwy 601
Midland, NC

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Your Way Auto Sales Inc
(336) 272-8109
2645 Randleman Rd
Greensboro, NC

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Yarborough Motor Co
(910) 483-3121
3301 Raeford Rd
Fayetteville, NC

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R & R Auto Sales
(704) 866-4200
1721 S York Rd
Gastonia, NC

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CAROLINA AUTO SEARCH
(704) 663-4420
105 DENVER BUSINESS PARK DR. SUITE E
MOORESVILLE, 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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