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Dealer Wants Car Back - Wants More Money Burley ID

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.

JFR USED CAR WAREHOUSE
(720) 320-6680
3983 E Pine Ave
Meridian, ID
Hours
9:00 - 6:00 Monday - Friday - Saturday, Sunday and Evenings by appointment

West Coast Car Co
(208) 378-9800
8520 W Fairview Ave
Boise, ID

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Rathdrum Motors
(208) 687-8741
13785 W Highway 53
Rathdrum, ID

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Dave Smith Motors
8006358000 x 1506
210 Division Street North
Kellogg, ID
Car Makes
Chevy, GMC, Buick, Cadillac, Chrysler, Dodge, Jeep, Ram
Hours
7am-7pm Monday through Saturday
Prices and/or Promotions
Hassle Free Buying

Todd's
(208) 773-8004
1790 E Seltice Way Ste B
Post Falls, ID

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Hanigan Lot Of Cars
(208) 365-5050
1550 S Washington Ave
Emmett, ID

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Larry Miller Honda of Boise
(208) 947-6685
7710 Gratz Dr
Boise, ID
 
First Class Autos
(208) 736-4646
643 2nd Avenue South
Twin Falls, ID
Hours
9-6 M-S

Combs Car Corral
(208) 455-3473
4102 Cleveland Blvd
Caldwell, ID

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Auto Sense Llc
(208) 331-8590
8904 W Fairview Ave
Boise, ID

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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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