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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.

Community Acceptance Corp
(913) 262-5805
5234 Merriam Dr
Shawnee, KS

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Louisburg Auto Body
(913) 837-5245
PO Box 579
Louisburg, KS
 
New Michael's Motors
(913) 383-9000
10555 Marty St
Shawnee Mission, 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

Fdl Tire & Auto Repair
(913) 837-4448
106 Crestview Cir
Louisburg, KS
 
Paola Auto Wash
(913) 294-5227
1125 E Kaskaskia St
Paola, KS
 
Jay Hatfield Certified Used
(620) 232-2224
4001 Parkview Dr
Pittsburg, KS

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diamond breed kennels
(316) 619-4609
2332 n burns
wichita, KS
 
O'Reilly Auto Parts
(913) 294-3869
709 Baptiste Dr
Paola, 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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