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Dealer Wants Car Back - Wants More Money Glassboro NJ

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.

Holman Ford Lincoln Mercury of Turnersville
(800) 399-3790
3641 Route 42
Turnersville, NJ
 
Holman Ford Lincoln Mercury of Maple Shade
(800) 396-5799
571 Route 38
Maple Shade, NJ
 
Hummer of Turnersville
(888) 482-6255
RR 42
Turnersville, NJ
Services
Alignment Repair,Clutch Repair,Engine Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Conte Brothers Automotive
(856) 428-4440
1415 Brace Rd.
Cherry Hill, NJ
Services
Auto Inspection,Emissions Testing,Fuel Injection Repair,Radiator Repair,Retail Tire,Tune up Repair,Auto Dealers

Matt Blatt Auto Sales
(856) 881-9686
511 N Main St
Glassboro, NJ

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Holman Infiniti
(800) 409-4219
577 Route 38 W
Maple Shade, NJ
 
Turnersville Automall
(888) 482-6255
3400 Route 42
Turnersville, NJ
Services
Alignment Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Ace Ford
(856) 845-6600
State Highway 45 North
Woodbury, NJ
Services
AC and Heating Repair,Alignment Repair,Clutch Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Van Dealers,Used Car Dealers,Auto Dealers

Cherry Hill Dodge
(856) 661-5703
1803 Marlton Pike West
Cherry Hill, NJ
Services
Brake Repair,Engine Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

National Auto Sales Inc
(856) 881-5995
123 Delsea Dr S
Glassboro, NJ

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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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