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Dealer Wants Car Back - Wants More Money Belleville NJ

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.

Lynn Chevrolet Service Department
(201) 991-8350
461 Kearny Avenue
Kearny, NJ
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

McGuire Buick Pontiac GMC
(201) 868-9000
7027 Kennedy Boulevard
North Bergen, NJ
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Bergen Jaguar
(201) 444-7900
666 North State Route 17
Paramus, NJ
Services
Clutch Repair,Radiator Repair,Tune up Repair,Auto Dealers

Wayne Mazda
(973) 694-7700
1244 State Route 23
Wayne, NJ
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Borough Chrysler Jeep
(973) 595-7666
168 Hamburg Tpke
Wayne, NJ
Services
Fuel Injection Repair,Radiator Repair,Used Car Dealers,Auto Dealers

South Orange Imported Cars Inc
(973) 762-9433
343 Valley Street
South Orange, NJ
Services
Clutch Repair,Radiator Repair,Tune up Repair,Auto Dealers

Sports and Classics
(212) 288-0173
517 East 73rd Street
New York, NY
Services
Auto Glass Repair,Auto Inspection,Emissions Testing,Fabrication and Restoration,Auto Dealers

Phils Auto Sales
685 CARY AVE
Staten Island, NY
 
Chrysler of Paramus
(201) 845-0700
234 E State Route 4
Paramus, NJ
Services
Radiator Repair,Auto Dealers

Paramus Ford Inc
(201) 262-4900
375 Route 17
Paramus, NJ
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

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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