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Dealer Wants Car Back - Wants More Money Beatrice NE

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.

De Anda Auto Sales
(402) 494-2979
2201 Cornhusker Dr
South Sioux City, NE

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Covington Used Cars
(402) 494-1869
3808 Dakota Ave
South Sioux City, NE

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San Migel Auto
(402) 934-2935
3301 Q St
Omaha, NE

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Euro Sports
(402) 390-2758
8114 Maple St
Omaha, NE

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King Auto Sales
(402) 504-4100
209 Fort Crook Rd N
Bellevue, NE

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George's Auto Sales
(402) 477-2499
1500 Cornhusker Hwy
Lincoln, NE

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Good Cars 4 Nice People
(402) 731-4400
4202 L St
Omaha, NE

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Westphal Motors Inc
(402) 474-9378
2019 P St
Lincoln, NE

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Nationwide Auto Sales
(402) 441-4671
101 W O St
Lincoln, NE

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Sonny Gerber Auto Sales
(402) 558-7400
4021 Cuming St
Omaha, NE

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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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