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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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Royal Auto Sales Inc
(410) 789-3700
6311 Ritchie Hwy
Glen Burnie, MD

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Northwest Honda
410-363-8700 x.383
9701 reisterstown road
owings mills, MD
 
Alexander's Auto Sales Inc
(410) 685-4294
1025 Eastern Ave
Baltimore, MD

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Lexus Of Rockville
(301) 762-9009
15501 Frederick Rd
Rockville, MD

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

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Easterns Whitemarsh
(410) 780-5133
7910 Pulaski Hwy
Rosedale, MD

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

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Abu Jatta Used Car Sales Consultant - Darcars Ford of Lanham
(301) 642-5026
9020 Lanham Severn Road
Lanham, MD
 
Auto World 1
(410) 483-2511
6043 Belair Rd
Baltimore, 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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