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Dealer Wants Car Back - Wants More Money Cleveland 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.

Axelrod Pontiac GMC
(216) 661-5060
6603 Brookpark Road
Parma, OH
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Kovachy Bros Auto Parts
(440) 333-5565
19950 Ingersoll Dr
Rocky River, OH
 
Kovachy Auto Parts
(440) 333-5565
1328 Linda St
Rocky River, OH
 
Drellishak'S Service Center
(440) 333-9933
21512 Center Ridge Rd
Rocky River, OH
 
Leo Luck'S Auto Repair Inc
(440) 331-1192
19985 Detroit Rd
Rocky River, OH
 
Lakewood Auto Body Inc
(440) 331-5242
1588 Wooster Rd
Rocky River, OH
 
Corcoran Auto Service
(440) 331-4500
20249 Lake Rd
Rocky River, OH
 
Mason Auto Body & Mechanical
(440) 331-5650
19601 Lake Rd
Rocky River, OH
 
3Rd Party Auto Appraisals
(440) 356-2112
1280 Medfield Dr
Rocky River, OH
 
Budget Auto Parts
(440) 333-5565
19950 Ingersoll Dr
Rocky River, OH
 

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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