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Dealer Wants Car Back - Wants More Money Bellevue 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.

Mel's Auto Sales
(402) 292-2466
709 Fort Crook Rd N
Bellevue, NE

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

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U-Win Auto Sales
(402) 733-8946
1902 Missouri Ave
Omaha, NE

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Disabled American Veterans
(402) 734-2266
5125 S 24TH St
Omaha, NE

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Eckley Auto Brokers
(402) 733-8576
3902 S 42ND St
Omaha, NE

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American Auto Sales
(402) 734-7253
2704 Sidney St
Bellevue, NE

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

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Dave's Auto Sales
(402) 731-2345
3424 L St
Omaha, NE

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Incentive Auto
(402) 934-9318
3112 Q St
Omaha, NE

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Carbiz
(402) 731-2327
6815 Railroad Ave
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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