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Dealer Wants Car Back - Wants More Money Bristol RI

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.

Fortiers Auto Sales and Service Inc
(508) 674-6846
605 Globe Street
Fall River, MA
Services
AC and Heating Repair,Electrical Repair,Engine Repair,Fuel Injection Repair,Mufflers Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Ram Auto Sales
(401) 245-9554
288 Market St
Warren, RI

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Pleasant Auto Sales & Svc
(508) 672-0627
32 Bushee Rd
Swansea, MA

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Shannon Motors
(401) 734-9800
2625 W Shore Rd
Warwick, RI

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Pleasant Auto Sales
(508) 672-0627
1596 Pleasant St
Fall River, MA

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Ralphs Chevrolet Cadillac Oldsmobile
(508) 996-6266
361 State Rd
N Dartmouth, MA
Services
AC and Heating Repair,Auto Inspection,Clutch Repair,Emissions Testing,Engine Repair,Radiator Repair,SUV Repair,Van Dealers,Used Truck Dealers,Used Car Dealers,Auto Dealers

Gesner Auto Group
(508) 672-0016
1280 Wilbur Ave
Somerset, MA

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Casey's Auto Sales
(401) 732-5789
2118 W Shore Rd
Warwick, RI

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Car Emporium Inc
(401) 737-2220
2672 W Shore Rd
Warwick, RI

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Tarbox Big Lot
(401) 826-1500
870 Quaker Ln
Warwick, RI

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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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