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Dealer Wants Car Back - Wants More Money Deerfield Beach FL

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.

JM Lexus
(954) 972-2200
5350 W Sample Road
Margate, FL
Services
Auto Body Repair,Auto Dealers

My Auto Pal
(561) 289-8194
212 East Hillsboro Blvd
Deerfield Beach, FL
Car Makes
Purchasing Consultants - All Makes
Hours
8:00am - 4:30pm

ROY SINGER (AUTO SALES + LEASING))
(954) 232-8220
4250 N Federal Hwy
Lighthouse Point, FL

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Vista BMw
(954) 588-2737
4401 West sample rd
coconut creek, FL
 
Fort Lauderdale Collection
(954) 788-9600
500 North Federal Hwy
Pompano Beach, FL
Hours
Mon-Fri 9am-6pm, Sat 10am-3pm, Sun Closed

Rick Case Acura
(954) 587-1111
875 N State Road 7
Plantation, FL
Services
Alignment Repair,Auto Body Repair,Clutch Repair,Fuel Injection Repair,SUV Repair,Used Car Dealers,Auto Dealers

Domani Motors
(954) 428-5636
70 SW 10th St
Deerfield Beach, FL

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Tri-Rail
(954) 788-7937
800 NW 33rd St.
Pompano Beach, FL
 
Florida Import Autos
(954) 786-2292
1751 S Dixie Hwy
Pompano Beach, FL

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Fantastic Auto Ctr
(954) 786-8338
999 N Dixie Hwy
Pompano Beach, FL

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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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