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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.

Reynolds Tire & Auto
(816) 657-2010
106 S 1st St
Louisburg, KS
 
Napa Auto Parts
(913) 837-4716
200 W Amity St
Louisburg, KS
 
diamond breed kennels
(316) 619-4609
2332 n burns
wichita, KS
 
Brewer Lonny Auto Repair & Tow
(913) 294-5050
404 N East St
Paola, KS
 
Town & Country Motors
(785) 484-0112
10282 Highway K4
Meriden, KS

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

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Winterscheid Auto Parts
(913) 557-2387
502 Baptiste Dr
Paola, KS
 
mid town body shopan
(316) 942-0683
611 s. emporia
wihita, KS
Car Makes
any
Hours
7am to 5pm mon--fri611

Benjie's Auto Sales
(913) 772-0993
1816 S 4th St
Leavenworth, KS

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