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Dealer Wants Car Back - Wants More Money Brownsburg 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.

J Frank Motors Llc
(317) 637-2333
5152 Lafayette Rd
Indianapolis, IN

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Owners Auto Mart
(317) 298-7355
4090 Lafayette Rd
Indianapolis, IN

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Premier Motorcars Of Europe
(317) 733-9636
5008 W 96th St
Indianapolis, IN

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Pedigo's Auto Sales
(317) 248-8125
9150 W Washington St Ste B
Indianapolis, IN

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Nationwide Motors
(317) 634-1111
1930 Lafayette Rd
Indianapolis, IN

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Ray Skillman Hyundai West
(317) 293-5893
5051 W. Pike Plaza Rd.
Indianapolis, IN
Car Makes
Hyundai

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

JD Byrider
(317) 272-0000
7509 E US Hwy 36
Avon, IN

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Terry Lee Honda
(317) 272-1000
8693 E. U.S. Highway 36
Avon, IN
 
Crown Auto Group Llc
(317) 839-4971
3061 E Main St
Plainfield, 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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