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Dealer Wants Car Back - Wants More Money Berkley MI

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.

Mercedes Benz Rochester Hills
(248) 652-3800
595 S Rochester Road
Rochester Hills, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Wolverine Ford Truck Sales Inc
(313) 849-0800
3550 Wyoming
Dearborn, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Meade Lexus Of Southfield
(248) 372-7100
28300 Northwestern Hwy
Southfield, MI

Data Provided by:
Tom Hardy Auto Sales, Inc.
(313) 535-9841
24540 W 7 Mile Rd
Detroit, MI

Data Provided by:
FSI Group LLC
(586) 914-4139
29548 Bonnie Dr.
Warren, MI
 
Tennyson Chevrolet
(734) 425-6500
32570 Plymouth Road
Livonia, MI
Services
SUV Repair,Truck Service Station,Auto Dealers

313 Motoring
(248) 968-4900
14600 W 8 Mile Rd
Oak Park, MI

Data Provided by:
Julian Auto Sales
(586) 759-2222
5785 E 8 Mile Rd
Warren, MI

Data Provided by:
King Auto Sales Ii
(313) 368-2200
5020 E 8 Mile Rd
Detroit, MI

Data Provided by:
Bangla Motors
(313) 262-7600
5266 Trowbridge St
Hamtramck, MI

Data Provided by:
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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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