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Dealer Wants Car Back - Wants More Money Ballwin MO

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.

Chris Auffenberg Chevrolet
(314) 965-0833
1000 N Kirkwood Road
Saint Louis, MO
Services
SUV Repair,Truck Service Station,Auto Dealers

Dave Mungenast Lexus-St Louis
(314) 822-7681
13750 Manchester Rd
Ballwin, MO

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Wildwood Motors
(636) 458-1995
17330 Manchester Rd
Glencoe, MO

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Glendale Chrysler Jeep
(314) 909-7747
10058 Manchester Rd
St Louis, MO

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Wilson Towing
(636) 349-3228
2605 S Old Highway 141
Fenton, MO

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Beuckman Ford
(800) 401-6441
15675 Manchester Rd
Ellisville, MO
 
National Vehicle Headquarters
(866) 225-7135
770 Spirit of St. Louis Blvd.
Chesterfield, MO
 
Lou Fusz Oldsmobile
(314) 997-1500
925 N. Lindbergh Blvd
St Louis, MO

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141 Auto Sales
(636) 343-8454
1637 S Old Highway 141
Fenton, MO

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Holt Motor Co
(636) 938-7780
105 E 5th St
Eureka, MO

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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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