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Dealer Wants Car Back - Wants More Money Bay Village 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.

Axelrod Pontiac GMC
(216) 661-5060
6603 Brookpark Road
Parma, OH
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Bay Village Automotive Parts Co
(440) 871-3382
27311 W Oviatt Rd
Bay Village, OH
 
Auto Ads Inc
(440) 356-3885
576 Edinborough Dr
Bay Village, OH
 
Kane'S Service Center
(440) 331-1768
585 Clague Rd
Bay Village, OH
 
Allstate Insurance Companies
(440) 892-1700
27211 Wolf Rd
Bay Village, OH
 
Speedway
(440) 892-0344
630 Columbia Rd
Bay Village, OH
 
Convenience Stores Of Speedway
(440) 892-0344
630 Columbia Rd
Bay Village, OH
 
Burns Auto Service
(440) 871-1350
27205 Wolf Rd
Bay Village, OH
 
Convenient Food Mart
(440) 835-9595
27340 W Oviatt Rd
Bay Village, OH
 
Monro Muffler Brake & Service
(440) 892-1411
609 Dover Center Rd
Bay Village, OH
 

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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