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Dealer Wants Car Back - Wants More Money Columbus NE

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.

Dan Tworek Repair
(402) 563-1620
4611 23RD St
Columbus, NE

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Garcia Auto Sales
(402) 564-2608
4620 23RD St
Columbus, NE

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Hollywood Auto Sales Inc
(402) 731-4444
4215 S 24TH St
Omaha, NE

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Action Body Shop & Auto Sales
(402) 781-9340
340 O St
Eagle, NE

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Siemer Auto Ctr
(402) 438-8877
2745 O St
Lincoln, NE

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Dan's Used Cars
(402) 564-0255
4225 23RD St
Columbus, NE

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Wolfson Used Cars
(402) 558-3233
1308 N Saddle Creek Rd
Omaha, NE

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Mel's Auto Sales
(402) 292-2466
709 Fort Crook Rd N
Bellevue, NE

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Sid Perkins Used Cars
(402) 727-6771
805 S Broad St
Fremont, NE

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Sid Dillon Used Cars On Bell
(402) 753-9082
1665 N Bell St
Fremont, NE

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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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