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Dealer Wants Car Back - Wants More Money Forest Lake MN

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.

Bob's Auto Ranch
(651) 483-5246
6020 Hodgson Rd
Circle Pines, MN

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Carhop
(763) 785-9245
10061 Central Ave Ne
Minneapolis, MN

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Cartiva
(651) 439-3933
11020 60th St N
Stillwater, MN

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Quality Auto Sales & Finance
(763) 277-7777
926 County Highway 10
Fridley, MN

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Spring Lake Park Auto
(763) 784-6477
8035 Spring Lake Rd NE
Spring Lake Park, MN

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Twin Rivers Auto Sales
(763) 712-1714
16191 Round Lake Blvd NW
Andover, MN

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Toohey Motors Inc
(651) 674-2063
38811 14th Ave
North Branch, MN

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120 Autos
(651) 787-9700
4747 Geneva Ave N Ste 3
St Paul, MN

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Central Bargain Lot
(763) 717-0371
7890 Highway 65 NE
Spring Lake Park, MN

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Hinkley Chevrolet Pontiac
(507) 553-3121
150 3rd Street Northeast
Wells, MN
Services
Fuel Injection Repair,Radiator Repair,Auto Dealers

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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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