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Dealer Wants Car Back - Wants More Money Brentwood TN

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.

Akins Towing
(615) 476-1898
1714 Carouthers Parkway
Brentwood, TN
 
Sunvertibles
(615) 550-9800
4203 Franklin Common Ct
Franklin, TN

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Sahand Auto Sales
(615) 781-6868
5220 Nolensville Pike
Nashville, TN

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Sharp Motors
(615) 332-8383
2945 Nolensville Pike
Nashville, TN

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Ace Auto Sales Inc
(615) 255-7079
2323 Nolensville Pike
Nashville, TN

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MAZDA OF COOL SPRINGS
(615) 250-2212
200 comtide
franklin, TN
 
Wholesale Auto
(615) 733-0122
3307 Nolensville Pike
Nashville, TN

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Aran Auto Sales
(615) 834-5008
4512 Nolensville Pike
Nashville, TN

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Export Auto Sales
(615) 254-2093
2100 Nolensville Pike
Nashville, TN

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Imports Autoplex Inc
(615) 331-5030
501 W Thompson Ln
Nashville, TN

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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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