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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.

Sam Miguel Auto Sales
(402) 991-4455
4659 L St
Omaha, NE

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Gary Runyan Auto Sales
(402) 345-8288
2955 Dodge St
Omaha, NE

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

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Mid America Motors
(402) 477-4426
2401 Fairfield St
Lincoln, NE

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Carbiz
(402) 731-2717
6154 L St
Omaha, NE

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Dan's Used Cars
(402) 564-0255
4225 23RD St
Columbus, NE

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

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Winner's Circle Auto Ctr
(402) 438-9555
650 W O St
Lincoln, NE

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R V Auto Sales Llc
(402) 551-2811
6101 Blondo St
Omaha, NE

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Bank Vehicle Liquidation
(504) 828-8600
1346 10th St
Gering, 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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