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Dealer Wants Car Back - Wants More Money Celina 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.

Grand Lake Auto Sales
(419) 586-1970
418 W Logan St
Celina, OH

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Mobile Conversions Inc.
(513) 797-1991
3354 State Route 132
Amelia, OH

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Dill Elam Inc. dba City Service
(513) 575-0017
1461 State Route 28
Loveland, OH

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Jeff Wyler Automotive Family
(513) 752-7450
829 Eastgate South Drive
Cincinnati, OH

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Osborne Trucking Co.
(513) 874-2090
325 Osborne Drive
Fairfield, OH

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Montgomery & Son Trucking
(513) 777-4177
9074 Timberail Court
West Chester, OH

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Beamer Brothers Trucking Co. Inc.
(513) 561-5679
11989 Tramway Drive
Cincinnati, OH

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Lykins Companies Inc.
(513) 831-8820
5163 Wolfpen-Pleasant Hill Road
Milford, OH

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Nelson Trucking
(513) 860-1505
8771 North Gilmore Road
Fairfield, OH

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Hillsboro Transportation Co.
(937) 393-4213
6256 U.S. 50 West
Hillsboro, OH

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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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