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Dealer Wants Car Back - Wants More Money Dover NH

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.

Bill Dube Ford
(603) 749-5500
40 Dover Point Road
Dover, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Seacoast Car Club
(603) 692-7770
438 Route 108
Somersworth, NH

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Hall's Auto Ctr
(207) 698-5504
75 School St
Berwick, ME

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Portsmouth Ford Used Car Ctr
(603) 431-2822
180 Mirona Rd
Portsmouth, NH

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Porstmouth Auto Trends
(603) 433-8844
3660 Lafayette Rd
Portsmouth, NH

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Bill Dube Toyota
(603) 749-5500
40 Dover Point Rd
Dover, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Village Motors
(207) 384-5057
200 Route 236
South Berwick, ME

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American used auto parts
(603) 330-0370
40 little falls br rd
rochester , NH
 
Portsmouth Used Car Super
(603) 766-7680
2219 Lafayette Rd
Portsmouth, NH

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Envi Auto Care
(603) 436-9518
2468 Lafayette Rd
Portsmouth, NH
 
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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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