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Dealer Wants Car Back - Wants More Money Fort Collins CO

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.

Pedersen Auto Plaza Volvo
(303) 534-2613
4455 S Mason Street
Fort Collins, CO
Services
Paintless Dent Repair,Auto Dealers

Heritage Ford L M Inc
(970) 667-2220
999 East Eisenhower Boulevard
Loveland, CO
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Auto Dealers,Used Car Dealer

Gonzales Auto Sales
(970) 493-4974
418 S Summit View Dr
Fort Collins, CO

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Cross Country Motors
(970) 669-3280
3600 Garfield Ave
Loveland, CO

Data Provided by:
Berthod Motors
(970) 945-7466
2914 Grand Avenue
Glenwood Springs, CO
Services
Truck Auto Body,Van Dealers,Auto Dealers

Interstate Honda
(970) 493-8881
858 SE Frontage Road
Fort Collins, CO
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Pedersen Toyota
(970) 688-4358
4455 S. College Avenue
Fort Collins, CO
Car Makes
Toyota

Zalli Motors Llc
(970) 797-2608
935 N College Ave
Fort Collins, CO

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Go Hyundai Mazda 104th
(303) 460-0102
10450 Federal Boulevard
Denver, CO
Services
Fuel Injection Repair,Radiator Repair,Auto Dealers,Used Car Dealer

Courtesy Mazda
(303) 678-8950
1461 Vista View Dr
Longmont, CO
Services
Oil Change and Lube,Clutch Repair,Radiator Repair,SUV Repair,Tune up 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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