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Dealer Wants Car Back - Wants More Money Denham Springs LA

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.

Liberty Auto Sales
(225) 791-5855
1767 S Range Ave
Denham Springs, LA

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Acadian Used Cars
(225) 274-0282
13503 Florida Blvd
Baton Rouge, LA

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Mercy Auto Sales
(225) 272-1740
13225 Florida Blvd
Baton Rouge, LA

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Ely Auto Brokerage
(225) 769-9965
16165 Airline Hwy
Baton Rouge, LA

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Reliable Motors Inc
(225) 929-7959
7960 Florida Blvd
Baton Rouge, LA

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Drivin Easy Auto Sales
(225) 665-6580
37625 Walker North Rd
Walker, LA
 
Rhino Linings of Livingston
(225) 791-7880
9431 Florida Boulevard
Walker, LA

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Christian Sports & Imports
(225) 753-7770
3275 Millerville Rd
Baton Rouge, LA

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Team Honda
(225) 298-4100
6363 Siegen Lane
Baton Rouge, LA

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D J's Used Cars & Detailing
(225) 387-6002
1447 Myrtle WALK
Baton Rouge, LA

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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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