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Dealer Wants Car Back - Wants More Money Fremont NE

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.

Frey Auto Sales
(402) 727-1210
1550 N Bell St
Fremont, NE

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Sid Perkins Used Cars
(402) 727-6771
805 S Broad St
Fremont, NE

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Falke Motors
(402) 443-4444
630 W 1ST St
Wahoo, NE

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Paul D Auto Sales
(402) 571-7040
10033 Kings Plz
Omaha, NE

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Mid America Auto Mart
(402) 342-2277
4636 S 84th St
Omaha, NE

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Sid Dillon Used Cars On Bell
(402) 753-9082
1665 N Bell St
Fremont, NE

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Miller's Auto Sales
(402) 721-0440
2229 E 23RD Ave S
Fremont, NE

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Tanner Auto Sales
(402) 571-4046
7066 Maple St
Omaha, NE

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Bank Vehicle Liquidation
(504) 828-8600
1346 10th St
Gering, NE

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Catholic Charities
(402) 898-2277
6030 Arbor St
Omaha, NE

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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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