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Dealer Wants Car Back - Wants More Money Broadview Heights OH

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.

Axelrod Pontiac GMC
(216) 661-5060
6603 Brookpark Road
Parma, OH
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Andy Sims Auto Mart
(440) 526-1900
8000 Broadview Rd
Broadview Heights, OH
 
Ohio Auto Auction
(440) 526-1383
10 Corporation Ctr
Broadview Heights, OH
 
Marathon Auto Service Station
(440) 526-0552
8109 Broadview Rd
Broadview Heights, OH
 
Breyley'S Hilltop Auto Body
(440) 237-3770
8382 York Rd
North Royalton, OH
 
Taylor Pontiac Buick Corporation
(330) 535-1851
200 E Market Street
Akron, OH
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Andys Auto Body
(440) 838-4343
10135 Broadview Rd Ste 1
Broadview Heights, OH
 
Bakers Auto Repair
(440) 526-0070
600 E Royalton Rd
Broadview Heights, OH
 
Carquest Auto Parts
(440) 237-8700
7449 Royalton Rd
North Royalton, OH
 
A To Z Auto Service
(440) 877-2869
13747 State Rd
North Royalton, OH
 

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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