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Dealer Wants Car Back - Wants More Money Bordentown NJ

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.

Holman Cadillac
(856) 778-1000
1200 Route 73 S
Mount Laurel, NJ
 
Holman Toyota
(888) 843-6054
1301 Route 73
Mount Laurel, NJ
 
Holman Infiniti
(800) 409-4219
577 Route 38 W
Maple Shade, NJ
 
Peruzzi Pontiac Buick GMC Sales and Service
(215) 943-6000
165 Lincoln Highway
Fairless Hills, PA
Services
Clutch Repair,Radiator Repair,Retail Tire,Tune up Repair,Truck Dealers,Auto Dealers

American Honda Motor CO
(856) 866-8127
115 Gaither Drive
Mount Laurel, NJ
Services
Motorcycle Fabrication,Auto Dealers

Holman Scion
(856) 866-2000
1301 Route 73 North
Mount Laurel, NJ
 
BMW of Mt Laurel
(856) 840-1400
1220 Route 73 S
Mount Laurel, NJ
 
Holman Ford Lincoln Mercury of Maple Shade
(800) 396-5799
571 Route 38
Maple Shade, NJ
 
Desimone Motorcycle
(856) 840-1580
1315 Route 73
Mount Laurel, NJ
Services
Motorcycle Fabrication,Auto Dealers

BMW de Simone Limited
(856) 983-8400
1220 Route 73
Mount Laurel, NJ
Services
Radiator Repair,Used Car Dealers,Auto Dealers

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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