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Dealer Wants Car Back - Wants More Money Conover NC

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.

JR's Auto Wholesale
(828) 466-3118
2017 NW Blvd
Newton, NC

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Nissan of Hickory
(888) 324-5041
1555 Hwy 321 North
Hickory, NC
 
d&k auto sale
(828) 855-9181
216 hwy 70 sw
hickory , NC
Car Makes
all makes and model
Hours
8:00 to 6:00
Prices and/or Promotions
best prices in town

Oakland Motors
(828) 313-0000
4976 Midway Sand Rd
Hickory, NC

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Town Square Ford Lincoln Mercury
(704) 735-8091
1129 East Main St.
Lincolnton, NC
 
Swanny's Auto Sales
(828) 466-3151
2800 N Main Ave
Newton, NC

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Quality Cars of Hickory
(828) 327-0011
50 Highway 70 SW
Hickory, NC
 
Auto Sports
(828) 256-2155
2751 Springs Rd NE
Hickory, NC

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Hoyle Auto Sales
(828) 632-9689
568 W Main Ave
Taylorsville, NC

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E-Z Way Auto Sales
(704) 735-8880
1221 E Main St
Lincolnton, NC

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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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