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Dealer Wants Car Back - Wants More Money Ashland OH

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.

Cal Hans Ford Mercury Inc
(419) 994-4155
506 East Washington Street
Loudonville, OH
Services
Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Performance Toyota
(330) 264-1113
1363 W Old Lincoln Way
Wooster, OH
Services
Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Hall's Auto Sales
(419) 589-5240
1657 Ashland Rd
Mansfield, OH

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Joyce Buick Gmc Used Cars in Ohio
(877) 235-1243
1400 Park Ave W.
Mansfield, OH
 
Loudonville Motor Co
(419) 994-4171
310 W Main St
Loudonville, OH

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Bacon Chevrolet Inc
(419) 752-3194
14 E Main St
Greenwich, OH
Services
Car Detailing,Clutch Repair,Interior Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

MyTee Products
(888) 705-8277
491 US HIGHWAY
ASHLAND, OH
 
Pro Car Auto Group
(419) 589-8044
1327 Ashland Rd
Mansfield, OH

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Lou's Auto Sales
(419) 747-4628
660 Hanna Rd
Mansfield, OH

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No company
(330) 264-3115
1570 Kimber Rd Lot 1
Wooster, OH
 
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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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