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Dealer Wants Car Back - Wants More Money Barberton 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.

Taylor Pontiac Buick Corporation
(330) 535-1851
200 E Market Street
Akron, OH
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Subaru Chrysler Jeep by KO
(330) 784-5091
925 Canton Road
Akron, OH
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Globe Auto Inc
(330) 745-7875
1605 East Ave
Akron, OH

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Hepps Auto Ranch
(330) 724-9252
1895 S Main St
Akron, OH

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Best Value Auto Sales
(330) 773-0000
1460 S Arlington St
Akron, OH

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Park Honda
(330) 644-3322
951 Interstate Parkway
Akron, OH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Park Mazda Subaru Honda
(330) 645-7275
3363 S Arlington Road
Akron, OH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Williams Auto Sales
(330) 336-2000
940 Broad St
Wadsworth, OH

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H K Motor
(330) 785-1818
1818 S Arlington St
Akron, OH

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Excell Motor Cars
(330) 633-6546
1295 E Tallmadge Ave
Akron, 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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