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Dealer Wants Car Back - Wants More Money Bountiful UT

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.

Mark Miller Pontiac Buick
(801) 266-8833
3535 S State Street
Salt Lake City, UT
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Larry H Miller Bountiful Chrys
(801) 298-3417
755 N 500 W
Woods Cross, UT

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Autosource Enterprises Llc
(801) 292-8949
1431 S 1800 W
Woods Cross, UT

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Rand's Auto Sales
(801) 298-4222
925 N Highway 89
North Salt Lake, UT

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Beehive Auto
(801) 359-8067
877 S Main St
Salt Lake City, UT

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Larry H Miller Chevrolet
(801) 264-3200
5650 S State Street
Salt Lake City, UT
Services
Alignment Repair,Clutch Repair,Truck Auto Body,Truck Dealers,Used Car Dealers,Auto Dealers

Dave Co. Auto Sales
(801) 292-3430
1112 S 500 W
Woods Cross, UT

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Charlie Brown Motors
(801) 296-2255
1009 W 500 S
Woods Cross, UT

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Strong Volkswagen
(602) 708-9420
1070 South Main Street
Salt Lake City, UT
 
Henry Clay Motors
(801) 746-3511
2476 California Ave
Salt Lake City, UT

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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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