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Dealer Wants Car Back - Wants More Money Branford CT

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.

Bridge Haven Ford Truck Sales Inc
(203) 877-3281
401 Old Gate Lane
Milford, CT
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Mc Dermott Lexus
(888) 865-2089
655 Main St
East Haven, CT

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Shoreline Taxi
(203) 506-8294
289 New England Road
Guilford, CT
 
Jerry's Transmission
(203) 453-5177
620 Boston Post Road
Guilford, CT
 
Palumbo's Automotive Unlimited, Inc
(203) 453-1788
1099A Boston Post Road
Guilford, CT
 
Branhaven Chrysler Jeep Dodge Ram
(877) 212-1584
348 West Main Street
Branford, CT
Car Makes
Chrysler Jeep Dodge RAM
Hours
M-Thurs 9am-8pm F-Sat 9am-5pm Sun 11am-3pm
Prices and/or Promotions
Lowest prices in CT Highest Volume Dealer!

Ms. Motorcars
(203) 530-5037
40 Foxon Hill Rd
New Haven, CT
 
Mannix Chevrolet-Pontiac
(203) 453-5251
301 Boston Post Road
Guilford, CT
 
Car Care Clinic
(203) 453-3277
2362 Boston Post Road
Guilford, CT
 
Guilford Saab
(203) 453-0396
1800 Boston Post Road
Guilford, CT
 
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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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