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Dealer Wants Car Back - Wants More Money Duncanville TX

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.

Jim Allee Corporation
(214) 348-7500
12277 Shiloh Road
Dallas, TX
Services
Auto Body Repair,Auto Repair,Clutch Repair,Used Car Dealers,Auto Dealers

Freedom Chevrolet
(972) 298-4911
8008 Marvin D Love Fwy
Dallas, TX

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Chacon Suzuki
(972) 572-7007
39490 LBJ Freeway South
Dallas, TX
 
Bumper Mart / Avalon Auto Parts
(972) 263-3676
3306 E. Jefferson St. Ste C
Grand Prairie, TX
 
Auto Trade of Dallas www.AutoTradeDallas.com
(214) 269-5195
2700 n stemmons fwy
dallas, TX
Car Makes
all
Hours
247

Auto Liquidators Dallas
(214) 453-0507
39670 Lyndon B Johnson Freeway
Dallas, TX
Hours
9am-6pm M-F, 9am-4pm Sat.

Metroplex Toyota
(972) 780-1166
39660 Lyndon B Johnson Fwy
Dallas, TX

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CEDAR Hills Auto Sales Incorporated
(972) 299-9997
350 S Highway 67
Cedar Hill, TX

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G and C Auto Sales
(214) 678-0689
4943 Singleton Blvd
Dallas, TX
 
Solo Auto Sales
(972) 642-0994
2111 E Main St
Grand Prairie, TX

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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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