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Dealer Wants Car Back - Wants More Money Bennington VT

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.

Upstate Auto Sales Inc
(518) 663-9089
3511 State Rte 7
Hoosick Falls, NY

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Bob's Auto Center
(802) 879-4008
221 Colchester Rd
Essex Junction, VT
 
Pipewrench Trailer Sales
(802) 896-6202
7150 Route 100 PO Box 187
W Wardsboro, VT

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Beaudoin's Auto Radiator
(802) 863-3138
8 Home Ave
Burlington, VT
 
Rutland Motor Cars Llc
(802) 747-7171
200 West St
Rutland, VT

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Jerry Simon Auto Sales
(518) 677-2652
45 S Park St
Cambridge, NY

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White Mountain Auto Broker
(802) 334-7333
531 VT Rte 105
Newport, VT

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Marks Motors Inc
(802) 251-0366
39 Hardwood Way
Brattleboro, VT

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Heritage Ford Service
(802) 865-8150
1600 Shelburne Rd
South Burlington, VT
Hours
Monday: 7:30AM-5:30PM Tuesday: 7:30AM-7:00PM Wednesday: 7:30AM-5:30PM Thursday: 7:30AM-7:00PM Friday

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North Country Motors
(802) 334-7117
4518 US Rte 5
Derby, VT

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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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