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Dealer Wants Car Back - Wants More Money Gilbert AZ

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.

Thrifty Car Sales Inc
(480) 355-1900
881 N Arizona Ave
Gilbert, AZ

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Darner Motor Sales
(480) 507-0463
1225 N Arizona Ave
Gilbert, AZ

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NAPA Auto Care Center
(480) 892-6272
875 N. McQueen Rd
Gilbert, AZ
 
Gateway Auto Body
(480) 988-1860
3069 E Williams Field Rd
Gilbert, AZ
 
Car Max Auto Superstore
(480) 518-8101
1480 E Motorplex Loop
Gilbert, AZ

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Fast Glass
(480) 967-0559
1545 N McQueen Ste #1
Gilbert, AZ
 
Oasis Auto Center
(480) 777-1042
1720 W. Elliot Rd
Gilbert, AZ
 
Nelson Glass
(480) 497-1300
511 W. Guadalupe Rd
Gilbert, AZ
 
San Tan Hyundai Inc
(480) 786-4260
3252 S Auto Way
Gilbert, AZ

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Marshall Motors Used Cars
(480) 814-8688
857 N Arizona Ave
Chandler, AZ

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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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