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Dealer Wants Car Back - Wants More Money Dawsonville GA

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.

Friendly Auto Sales
(678) 947-0077
334 Canton Rd
Cumming, GA

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Chestatee Ford Inc
(770) 535-7103
GA Hwy 400
Dahlonega, GA

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Heritage On Lanier
(770) 531-1333
2400 Browns Bridge Rd
Gainesville, GA

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Car Store
(770) 534-1001
5043 McEver Rd
Oakwood, GA

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Auto Gallery Inc
(770) 534-9493
1517 Browns Bridge Rd
Gainesville, GA

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Stripland Motor Co
(770) 889-7503
2024 Atlanta Hwy
Cumming, GA

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Collision Claims
(770) 887-7626
P.O. Box 1734
Cumming, GA
 
Tim's Auto Upholstery, Inc
(770) 532-6243
2402 Franklin Blvd
Gainesville, GA
Car Makes
All Makes Foreign and Domestic
Hours
8-5 M-F

Credit Master
(770) 532-9999
782 Ee Butler Pkwy
Gainesville, GA

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Ewing Motor Co
(770) 945-7084
2045 Buford Hwy
Buford, GA

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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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