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Dealer Wants Car Back - Wants More Money Buckeye AZ

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.

www.AZCarInspector.com
(623) 234-0002
19233 W. Pasadena Ave
Goodyear, AZ
 
Nissan Of Avondale
(888) 568-6025
10305 W Papago Fwy
Avondale, AZ
Prices and/or Promotions
$250 Discount for purchase of any new vehicle. Or 10% discount service repairs.
Hours
Monday to Friday 7 am to 9 pmSaturday 7;30 am to 9 pmSunday 10:00 am to 7:00 pm

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(623) 932-2730
1321 N Dysart Rd
Avondale, AZ

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Alta Vista Auto
(623) 882-0800
417 E Main St
Avondale, AZ

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Jaber's Truck & Auto Sales
(602) 944-2330
732 E Dunlap Ave
Phoenix, AZ

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Lawley's Avondale Preown
(623) 932-9329
507 E Van Buren St
Avondale, AZ

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Salazar Kia - Subaru - Suzuki
(623) 209-5251
10501 W. Papago Freeway
Avondale, AZ
 
Eveland Sales Avondale Auto
(623) 932-1234
15 W Van Buren St
Avondale, AZ

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chapmandodge
(800) 721-1875
Chapman Dodge - 6601 E. McDowell Road Scottsdale, AZ 85257
Scottsdale, AZ
 
Phoenix Motors
(602) 265-6257
1147 E Camelback Rd
Phoenix, AZ

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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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