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Dealer Wants Car Back - Wants More Money Boulder City NV

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.

Elliott Imports Auto Service
(702) 454-4700
255 Elliott Road, # B7
Henderson, NV
Services
AC and Heating Repair,Auto Dealers

Nationwideautos.com
(702) 262-9100
1628 Athol Ave
Henderson, NV

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Findlay Toyota Used Cars
(702) 898-5000
1050 W Warm Springs Rd
Henderson, NV

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T & M Auto Sales
(702) 454-9501
6250 Mountain Vista St
Henderson, NV

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Findlay Acura
(702) 982-4100
315 Auto Mall
Henderson, NV
 
Instant Auto Sales
(702) 565-7437
1613 N Boulder Hwy
Henderson, NV

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Moturis, Inc.
(702) 597-5978
1600 S Boulder Hwy
Henderson, NV
 
Findlay Cadillac-Saab
(702) 558-2657
993 Auto Show Dr Valley Auto
Henderson, NV
 
Desert Pontiac-GMC Buick
(702) 558-3300
330 N Gibson
Henderson, NV
 
Desert BMW of Henderson
(702) 257-1010
261 Automall
Henderson, NV
 
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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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