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Dealer Wants Car Back - Wants More Money Council Bluffs IA

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.

Flemming Auto Co
(712) 256-5401
3500 W Broadway
Council Bluffs, IA

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Steffes Motors Sales & Svc
(712) 325-8907
1308 N 25th St
Council Bluffs, IA

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Blue Collar Auto
(712) 325-0010
400 N 16th St
Council Bluffs, IA

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Lakeside Auto Sales
(712) 322-5700
2039 W Broadway
Council Bluffs, IA

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Marcus Motors
(712) 323-3900
1202 9th Ave
Council Bluffs, IA

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Bluffs Used Cars Inc
(712) 366-5293
501 W South Omaha Bridge Rd
Council Bluffs, IA

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Carhop Auto Sales
(712) 256-6464
3029 W Broadway
Council Bluffs, IA

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Carbiz Auto Credit Aq Inc
(712) 322-7051
2550 W Broadway
Council Bluffs, IA

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T & R Auto Sales
(712) 323-9436
2133 W Broadway
Council Bluffs, IA

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Auto Finance
(712) 256-7433
3029 W Broadway
Council Bluffs, IA

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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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