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Dealer Wants Car Back - Wants More Money Brazil IN

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.

Professional Transportation Inc.
(317) 709-6566
5552 West 29th Place
Evansville, IN

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Ray Skillman Northeast Buick GMC
(317) 300-2007
7550 East Washington Street
Indianapolis, IN
 
Approval Auto Credit Inc
(317) 422-8001
9825 Huggin Hollow Rd
Martinsville, IN

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Harold Zeigler Of Elkhart
(574) 294-1563
2525 Bypass Rd
Elkhart, IN

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Ray Skillman West Auto Mall
(317) 293-8060
5155 West Pike Plaza Road
Indianapolis, IN
Car Makes
Hyundai, Mitsubishi, Kia, Ford

Header's Auto Sales
(574) 258-5353
1521 E Mckinley Ave
Mishawaka, IN

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Cornerstone Auto Sales
(317) 788-1396
3015 Shelby St
Indianapolis, IN

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Carl Klene's Auto Sales
(317) 788-7140
550 E Hanna Ave
Indianapolis, IN

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Carmel Car Sales
(317) 575-6344
151 S Range Line Rd
Carmel, IN

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American Mark Auto Sales
(317) 545-4558
4149 N Keystone Ave
Indianapolis, IN

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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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