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Dealer Wants Car Back - Wants More Money Fort Morgan 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.

Fort Morgan Auto Center
(970) 867-2432
1010 W Platte Avenue
Fort Morgan, CO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

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

John Roberts Motor Works CO
(970) 641-0920
231 W Tomichi Avenue
Gunnison, CO
Services
Clutch Repair,Fuel Injection Repair,SUV Repair,Tune up Repair,Auto Dealers,Used Car Dealer

City Auto Plaza
(719) 275-2329
3151 E US Highway 50
Canon City, CO
Services
Radiator Repair,Truck Service Station,Truck Detailing,Tune up Repair,Used Truck Dealer,Van Dealers,Auto Dealers

Korf Chevrolet Buick Pontiac GMC
(970) 842-0405
500 W 8th Ave
Yuma, CO
 
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

Transwest Trucks Trailer RV
(303) 684-3400
7550 E I25 Frontage Road
Erie, CO
Services
RV and Camper Repair,Trailer Repair,Van Dealers,Auto Dealers

Pollard Friendly Motor Company
(303) 447-8187
2360 30th Street
Boulder, CO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Auto Dealers,Used Car Dealer

Lithia Volkswagen of Thornton
(303) 438-5200
1900 W 104th Avenue
Denver, CO
Services
Fuel Injection 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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