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Dealer Wants Car Back - Wants More Money Aurora CO

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.

Suss PontiacGMC
(303) 751-3400
1301 South Havana Street
Aurora, CO
Services
Auto Repair,Van Dealers,Auto Dealers

Mountain States Toyota Scion
(303) 302-8888
201 W 70th Avenue
Denver, CO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Lithia Volkswagen of Thornton
(303) 438-5200
1900 W 104th Avenue
Denver, CO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Go Hyundai Mazda 104th
(303) 460-0102
10450 Federal Boulevard
Denver, CO
Services
Fuel Injection Repair,Radiator Repair,Auto Dealers,Used Car Dealer

Shortline KIA
(303) 364-2200
580 S Havana St
Aurora, CO

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Mercedes Benz of Littleton
(303) 738-7700
8070 S Broadway
Littleton, CO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Schomp BMW
(303) 730-1300
1190 Plum Valley Lane
Littleton, CO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Mike Shaw Subaru
(303) 438-7500
1640 W 104th Avenue
Denver, CO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers,Used Car Dealer

Ampm Auto
(303) 337-3333
890 S Buckley Rd
Aurora, CO

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Car City Superstore
(303) 364-9300
890 S Havana St
Aurora, CO

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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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