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Dealer Wants Car Back - Wants More Money Crestwood KY

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.

Neutz Brothers Car's Truck's
(502) 267-6007
10404 Watterson Trl
Jeffersontown, KY

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S Wilson's Auto Sales
(502) 499-2234
10309 Taylorsville Rd
Louisville, KY

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Tom Gray Auto Sales
(502) 637-8894
1100 E Kentucky St
Louisville, KY

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Bales Auto Mall
(812) 282-4356
630 Broadway Street
Jeffersonville, IN
 
Neil Huffman Honda
(502) 299-3556
1607 Green Tree Blvd
Clarksville , IN
 
Sam Swope
(502) 499-5000
Ih 64 & S Hurstbourne Pkwy
Jeffersontown, KY

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Highland Motorsport
(502) 451-2150
1125 Bardstown Road
Louiville, KY
 
44 Auto Mart
(502) 239-4481
5705 Bardstown Rd
Louisville, KY

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Gordon Motor Sports
(502) 231-8888
5801 Bardstown Rd
Louisville, KY

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Sonny Bishop Cars
(502) 966-9040
5102 Preston Hwy
Louisville, KY

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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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