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Dealer Wants Car Back - Wants More Money American Fork UT

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.

Mike Hale Chevrolet
(435) 649-2399
2190 Rasmussen Road
Park City, UT
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

4 K Cars
(801) 224-3933
1633 S State St
Orem, UT

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Sundance Auto Sales
(801) 226-8400
999 S State St
Orem, UT

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Mercedez-Benz of Lindon
(801) 222-4400
530 S. Lindon Park Drive
Lindon, UT
 
Platinum Auto Sales Llc
(801) 373-4587
1695 N State St
Provo, UT

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All Star Auto Plaza
(801) 763-1660
656 N 2000 W
Pleasant Grove, UT

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Family City Motors Inc
(801) 225-8766
925 S State St
Orem, UT

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Russ Temple Rv's & Motors
(801) 802-7877
785 N 100 W
Orem, UT

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Neal's Prime Auto
(801) 221-1882
1755 N State St
Orem, UT

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Car Zone Auto Sales Llc
(801) 373-0605
1330 N State St
Provo, UT

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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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