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Dealer Wants Car Back - Wants More Money Asbury Park NJ

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.

Sports And Imports
(732) 922-6900
1715 Asbury Ave
Asbury Park, NJ

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Budget Car Sales
(732) 449-0020
PO Box 1402
Belmar, NJ

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Shrewsbury Volkswagen
(732) 945-4109
702 Shrewsbury Avenue
Shrewsbury, NJ
 
Proformance Unlimited
(800) 267-3940
17B Jackson Street
Freehold, NJ
Car Makes
8am-5pm
Hours
Custom Crate Engines

Albrizio & Son Auto Wholesaler
(732) 495-5500
87 State Route 36
Port Monmouth, NJ

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Chrysler Of Eatontown
(732) 542-1111
79 Main St
Eatontown, NJ

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Fratto Brothers Auto Whlsrs
(732) 681-4888
1110 River Rd
Belmar, NJ

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DeFelice Chevrolet
(888) 816-7739
2506 Route 88
Point Pleasant Boro, NJ
Hours
Monday: 8:30 AM - 8:00 PM; Tuesday: 8:30 AM - 8:00 PM; Wednesday: 8:30 AM - 8:00 PM; Thursday: 8:30

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Mantoloking Motors
(732) 262-9085
645 Mantoloking Rd
Brick, NJ

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Selective Auto Sales
(732) 901-2002
1196 Ocean Ave
Lakewood, NJ

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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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