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Dealer Wants Car Back - Wants More Money Bedford IN

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.

Auto Credit
(812) 824-6300
5425 S Old State Road 37
Bloomington, IN

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Wheels Auto Sales
(812) 331-1524
624 S Walnut St
Bloomington, IN

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Bart's Car Store Inc
(260) 435-1824
5510 Illinois Rd
Fort Wayne, IN

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Mike's Cycle & Auto
(765) 825-7756
1850 N Central Ave
Connersville, IN

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CHIP FIX
(317) 506-7470
P.O. Box 132
Carmel, IN
 
AllStar Auto Sales
(812) 323-1015
821 S Walnut St
Bloomington, IN

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Professional Transportation Inc.
(317) 709-6566
5552 West 29th Place
Evansville, IN

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Ray Skillman Hyundai West
(317) 293-5893
5051 W. Pike Plaza Rd.
Indianapolis, IN
Car Makes
Hyundai

Tom Tepe Auto Ctr Inc
(812) 654-3001
426 E Indian Trl
Milan, IN

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State Auto Sales
(317) 422-7022
8705 Banta Rd
Martinsville, IN

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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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