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Dealer Wants Car Back - Wants More Money Derby KS

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.

Winfield Motor Co
(316) 554-9600
2621 S Broadway St
Wichita, KS

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Davis-Moore Used Cars
(316) 685-5500
5927 E Kellogg Dr
Wichita, KS

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Integrity Auto Group-Wichita
(316) 264-6004
106 S Hydraulic St
Wichita, KS

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mid town body shopan
(316) 942-0683
611 s. emporia
wihita, KS
Car Makes
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Hours
7am to 5pm mon--fri611

Dream Machines Inc
(316) 773-5000
8181 W Kellogg Dr
Wichita, KS

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J D Auto Sales
(316) 522-2212
3216 S Broadway St
Wichita, KS

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Affordable Autos, Inc.
(316) 262-0025
1301 E Douglas Ave
Wichita, KS

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Heersche Auto Enterprise
(316) 777-2500
1609 W Douglas Ave
Wichita, KS

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No Coast Customs
(316) 682-2213
1617 S Meridian Ave
Wichita, KS

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diamond breed kennels
(316) 619-4609
2332 n burns
wichita, KS
 
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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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