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Dealer Wants Car Back - Wants More Money Bolingbrook IL

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.

Volvo of Lisle
(630) 852-6000
4375 Lincoln Ave
Lisle, IL

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Continental Mazda
(630) 352-5900
2363 Aurora Ave
Naperville, IL

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Pugi of Chicagoland Mazda
(800) 946-3184
2020 W Ogden
Downers Grove, IL

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Main Street Motor Group
(630) 971-0142
1030 Ogden Ave
Downers Grove, IL

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Catalina Custom Golf Carts
(815) 838-2710
816 E 9th St
Lockport, IL

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EMC Automotive
(630) 375-6900
10S183 Schoger Dr Unit 99
Naperville, IL

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D & D Auto, Inc.
(815) 588-0340
14600 South Archer Avenue
Lockport, IL

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Diamond Motorworks
(630) 579-9955
562 W 5th Ave
Naperville, IL

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Cars Are Us
(630) 357-5004
1097 E Ogden Ave
Naperville, IL

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Land Rover Hinsdale - Bill Jacobs
(866) 516-8042
300 E Ogden Ave
Hinsdale, IL

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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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