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Dealer Wants Car Back - Wants More Money Boone NC

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.

AUTO IMPORTS OF BLOWING ROCK
(828) 414-9191
7855 VALLEY BLVD
BLOWING ROCK, NC
 
Lenoir Auto & Outdoors
(828) 754-1009
510 Wilkesboro Blvd SE
Lenoir, NC

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Jerry Bevins Auto Sales
(828) 728-7507
1640 Hickory Blvd SW
Lenoir, NC

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Tarboro Auto Mart
(252) 641-6511
180 River Oaks Dr
Tarboro, NC

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Car Pros
(704) 799-2557
293 W Plz Dr
Mooresville, NC

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Cars Plus
(828) 758-9929
838 Wilkesboro Blvd SE
Lenoir, NC

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E Z Way Auto
(828) 757-9291
176 Wilkesboro Blvd SE
Lenoir, NC

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Mountioner Motors Of Lenoir
(828) 754-2990
1447 Morganton Blvd Sw
Lenoir, NC

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Dreams Auto Inc
(704) 408-8575
13613 Highway 74 # 6
Indian Trail, NC

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National Auto Liquidators
(800) 403-0462
Main street
fayetteville, NC
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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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