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Dealer Wants Car Back - Wants More Money Columbus IN

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.

Wiese GM Center & Toyota
(812) 372-3725
3560 N National Rd
Columbus, IN

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Professional Transportation Inc.
(317) 709-6566
5552 West 29th Place
Evansville, IN

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Gaddis Hyundai
(765) 287-8970
504 W McGalliard Rd
Muncie, IN
Hours
Mon,Wed,Thu,Fri 8am-7pmTue 8am-6pmSat 8am-5pm

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J Frank Motors Llc
(317) 637-2333
5152 Lafayette Rd
Indianapolis, IN

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Mike's GMC
(317) 352-9311
7750 E Washington St
Indianapolis, IN
 
mpgsuperfuel
(812) 525-2333
610 holiday dr
seymour, IN
 
mpgsuperfuel
(812) 525-2333
610 holiday dr
seymour, IN
 
Premier Motorcars Of Europe
(317) 733-9636
5008 W 96th St
Indianapolis, IN

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Buy Rite Auto Sales
(317) 782-8999
3452 Shelby St
Indianapolis, IN

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Bart's Car Store Inc
(260) 435-1824
5510 Illinois Rd
Fort Wayne, IN

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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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