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Dealer Wants Car Back - Wants More Money Concord NH

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.

M and M Ford
(603) 736-9323
Route 28 N
Epsom, NH
Services
Alignment Repair,Auto Body Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Big Als Custom Car Care
(603) 483-2031
200 Raymond Rd
Candia, NH
Services
Brake Repair,Engine Repair,Fuel Injection Repair,Service Stations,Tune up Repair,Auto Dealers

Bob Mariano Dodge Incorporated
(603) 224-7437
146 Manchester St
Concord, NH

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Priceline Automotive Sales
(603) 223-6616
290 N State St
Concord, NH

Data Provided by:
Crazy Jay's Svc Ctr
(603) 229-3030
548 Route 3a
Bow, NH

Data Provided by:
Autoserv of Tilton
(603) 286-3141
634 West Main Street
Tilton, NH
Services
Auto Body Repair,Auto Repair,Clutch Repair,Truck Dealers,Used Truck Dealers,Used Car Dealers,Auto Dealers

Dunzzo Recycling
(603) 226-6673
134 hall st
concord , NH
 
Autosure Used Cars
(603) 228-3255
134 Manchester St
Concord, NH

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Route 3 Auto Sales Concord
(603) 224-1963
310 N State St
Concord, NH

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Harris Certified Auto & Truck
(603) 497-3333
197 Mast Rd
Goffstown, NH

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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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