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Dealer Wants Car Back - Wants More Money Escanaba MI

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.

Harold Zeigler Auto Group Inc
(269) 375-4500
4201 Stadium Drive
Kalamazoo, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

St Clair Chrysler Jeep Dodge
(810) 329-2100
1250 S. Carey Dr
Saint Clair, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Manistee Ford Mercury
(231) 723-9975
3471 Grant Highway
Manistee, MI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Deur Speet Motors
(231) 924-3640
33 W Dayton
Fremont, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

George Ordus Ford Lincoln Mercury
(989) 269-9245
123 S Port Crescent
Bad Axe, MI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Elhart Dodge Nissan Hyundai
(616) 396-0441
870 Chicago Drive
Holland, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Van Dealers,Used Truck Dealers,Used Car Dealers,Auto Dealers

Gage Motor Mall
(616) 842-2250
1701 S Beacon Boulevard
Grand Haven, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Van Dealers,Used Car Dealers,Auto Dealers

Wolverine Ford Truck Sales Inc
(313) 849-0800
3550 Wyoming
Dearborn, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Metro Toyota Inc
(269) 375-1000
5850 Stadium Drive
Kalamazoo, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Used Car Dealers,Auto Dealers

Benchley Buick Pontiac GMC
(231) 723-2541
309 Parkdale Ave
Manistee, MI
Services
Clutch Repair,Radiator Repair,Tune up Repair,Auto Dealers

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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