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Dealer Wants Car Back - Wants More Money Frostburg MD

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.

D & D Motors
(301) 729-3700
RR 220
Cumberland, MD

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Ahmer's Used Cars
(410) 477-3600
4014 N Pt Blvd
Baltimore, MD

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Sweet Deals Motors Inc
(410) 367-0087
4704 Liberty Heights Ave
Baltimore, MD

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Waterview Auto Sales
(410) 574-1172
803 Eastern Blvd
Essex, MD

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Taylor Auto Sales Inc
(410) 477-8090
4048 N Pt Blvd
Dundalk, MD

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Cowan Distribution Services
(513) 272-1134
5100 Duck Creek Road
Baltimore, MD

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Jones Junction Pre-Owned
(410) 879-1133
1506 Bel Air Rd
Bel Air, MD

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Worldwide Trading Us. Inc.
(323) 329-1925
8515 Pine Run Ct
Ellicott City, MD

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CSA towing and recovery
(240) 464-6713
7324 westmore rd
rockville , MD
 
Tnt Auto Sales
(410) 282-5516
2800 N Point Blvd
Dundalk, MD

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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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