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Dealer Wants Car Back - Wants More Money Dothan AL

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.

Victory motorcars
(713) 783-6555
Victorymotorcars - 3912 Ace Street- Houston, Texas 77063
Houston, TX
 
Firestone Complete Auto Care
(251) 478-8902
1516 Government St
Mobile, AL
 
Mc Kinnon Motors Llc
(205) 755-3430
235 Price Dr
Clanton, AL

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Brimer Auto Inc
(256) 835-2220
201 Hamric Dr W Ste B
Oxford, AL

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Gulf Coast Motors
(251) 452-9888
3129 Saint Stephens Rd
Mobile, AL

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Conversion Concepts
(251) 626-0010
2518 Us Highway 98
Daphne, AL

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Danny's Quick Lube Tire And Service Center
(256) 498-5239
4188 Hwy. 231
Morgan City, AL

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Bbb Auto Sales
(251) 929-7002
9105 Us Highway 98
Fairhope, AL

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Pokey Brimer's Auto Finance
(256) 835-2220
201 Hamric Dr E
Oxford, AL

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Wood's Auto Sales
(205) 387-9858
2501 Viking Dr
Jasper, AL

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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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