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Dealer Wants Car Back - Wants More Money Cartersville GA

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.

Prestige Auto Exchange - Premium Quality Used Cars
(770) 334-3051
10 Euharlee Rd
Cartersville, GA
 
Prestige Auto Exchange
(770) 334-3051
20 Euharlee Road
Cartersville, GA
Car Makes
Domestic and Imports
Hours
9-6

Highway 92 Auto Sales
(770) 926-4377
6597 Hwy 92
Acworth, GA

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Hardy Auto Resales
(770) 445-8513
2948 Atlanta Hwy
Dallas, GA

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Car Store Kennesaw
(678) 355-0115
2657 Cobb Pkwy NW
Kennesaw, GA

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Cartersville Tractor & Supply Company
(770) 607-5053
1575 Joe Frank Harris Pkwy SE
Cartersville, GA

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Patriot Auto Sales
(770) 591-7959
5733 Bells Ferry Rd
Acworth, GA

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Town Lake Auto Sales
(770) 924-3129
6471 Highway 92
Acworth, GA

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Hennessy Honda Of Woodstock
(678) 445-6968
8931 Hwy 92
Woodstock, GA

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International Auto
(770) 720-3039
2527 Marietta Hwy
Canton, GA

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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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