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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.

KC Detailing
(913) 548-1396
9202 Nieman Road
Overland Park, KS
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Credit Motors Inc
(913) 621-1206
1400 State Ave
Kansas City, KS

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Spangler Car & Truck Ctr Inc
(620) 872-2103
208 W 5th St
Scott City, KS

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Heersche Auto Enterprise
(316) 777-2500
1609 W Douglas Ave
Wichita, KS

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Dream Machines Inc
(316) 773-5000
8181 W Kellogg Dr
Wichita, KS

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Whitney Motor Co
(913) 362-7125
6102 Merriam Dr
Merriam, KS

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Lynch Auto Plaza
(785) 354-1120
1850 NW Topeka Blvd
Topeka, KS

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Mcmillin'S Body Shop & Auto Repair
(913) 294-5880
806 N Pearl St
Paola, KS
 
Metro Auto
(913) 297-0227
1347 Metropolitan St
Leavenworth, KS

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B & B Auto Sales Inc
(785) 267-3973
4100 SW Topeka Blvd
Topeka, 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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