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Dealer Wants Car Back - Wants More Money Chattanooga TN

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.

Best Motors
(423) 668-9980
221 W 20th St
Chattanooga, TN

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Harris Brothers Auto Mall
(706) 858-7777
2221 Battlefield Pkwy
Fort Oglethorpe, GA

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Fat Daddy's Auto Sales
(706) 657-8801
4790 Highway 136
Trenton, GA

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Joe Mahan Ford Inc
(731) 642-4711
211 Memorial Drive
Paris, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Parks Pontiac Buick GMC
(931) 388-5843
919 Nashville Highway
Columbia, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Easy Auto
(423) 499-6399
5610 Ringgold Rd
East Ridge, TN

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Buff Salvage
(423) 238-3444
9422 Lee Hwy
Ooltewah, TN

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Johnson City Honda
(866) 994-2609
2806 N Roan St
Johnson City, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Crossville Ford Lincoln Mercury
(931) 484-5135
269 N Main Street
Crossville, TN
Services
SUV Repair,Used Car Dealers,Auto Dealers

Honda Professional Repair
(865) 927-1505
9001 Oak Ridge Highway
Knoxville, TN
Services
AC and Heating Repair,Auto Dealers

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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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