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Dealer Wants Car Back - Wants More Money Arkansas City KS

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.

Miami County Import Auto Repair
(913) 294-9100
3 N Silver St
Paola, KS
 
Winterscheid Auto Parts
(913) 557-2387
502 Baptiste Dr
Paola, KS
 
Frog's Auto Sale
(785) 234-3764
623 Sw 6th Ave
Topeka, KS

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Country Hill Motors
(913) 338-2185
W 67th St AT I 35
Shawnee, KS

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J B Motors Inc
(913) 422-8181
10647 Kaw Dr
Kansas City, KS

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Hester Motors & Auto Polishing
(913) 432-9600
4945 Merriam Dr
Shawnee Mission, KS

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Matchless Auto Sales
(913) 837-5700
901 W Amity St
Louisburg, KS
 
Jay Hatfield Certified Used
(620) 232-2224
4001 Parkview Dr
Pittsburg, KS

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Country Hill Motors Inc
(913) 236-9600
9701 W 67th St
Shawnee, KS

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bestliferx
(913) 999-8114
5007 lamar ave apt 1
mission, KS
 
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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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