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Dealer Wants Car Back - Wants More Money Cocoa FL

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.

Mike Erdman Cadillac
(321) 453-2050
445 East Merritt Island Causeway
Merritt Island, FL
Services
Fuel Injection Repair,Radiator Repair,Auto Dealers

Automaster
(321) 631-7688
875 N Cocoa Blvd
Cocoa, FL

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Lathem Auto Sales
(321) 636-6633
3520 N Cocoa Blvd
Cocoa, FL

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Pineda Bait And Tackle
(321) 254-2366
5800 N Wickham Rd
Melbourne, FL

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LEXUS OF MELBOURNE
(321) 309-8315
24 N HARBOR CITY BLVD
MELBOURNE, FL
 
Mike Erdman Toyota Scion
(321) 453-1313
1545 E Merritt Island Causeway
Merritt Island, FL
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Van Dealers,Auto Dealers

Qablawi Auto Sales
(321) 637-0900
1206 N Cocoa Blvd
Cocoa, FL

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Ryans Auto List
(781) 588-2392
Harbor Pines Dr
Merritt Island, FL
Car Makes
All

Family Auto Mart
(321) 242-0328
1900 Aurora Rd
Melbourne, FL

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Toyota of Melbourne
(888) 347-6794
24 N Harbor City Blvd
Melbourne, FL

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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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