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Dealer Wants Car Back - Wants More Money Bear DE

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.

NuCar Mazda
(302) 322-2438
172 North Dupont Highway
New Castle, DE
Services
Alignment Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Auto Dealers

Quality Ride Auto Sales
(302) 328-3325
723 Pulaski Hwy
Bear, DE

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Carmen Dodge Of New Castle
(302) 323-1380
196 S Dupont Hwy
New Castle, DE

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Bayshore Ford Truck Sales Inc
(302) 656-3160
2217 N Dupont Hwy
New Castle, DE

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MOBILE SALON 2go
(888) 672-1101
serving De,NJ,Pa,Md.
Middletown, DE
 
NuCar Chevrolet
(302) 322-2438
174 N Dupont Hwy
New Castle, DE
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Gambacorta Used Cars
(302) 323-3012
9 Cherry Rd
New Castle, DE

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Checkered Flag Auto Sales
(302) 322-3300
216 N Dupont Hwy
New Castle, DE

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C & H Auto Sales
(302) 654-6700
2000 Newport Gap Pike
Wilmington, DE

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First State Auto World
(302) 999-1992
2412 W Newport Pike
Wilmington, DE

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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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