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Dealer Wants Car Back - Wants More Money Glastonbury CT

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.

Liberty Mazda
(860) 240-7406
149 Liebert Road
Hartford, CT
Services
SUV Repair,Used Car Dealers,Auto Dealers

Day Garage
(860) 290-5349
56 Mascolo Road
South Windsor, CT
Services
Truck Auto Body,Truck Dealers,Used Truck Dealers,Auto Dealers

Frank's Auto Credit
(860) 649-3000
285 Broad Street
Manchester, CT
 
Frank's Auto Credit
(860) 649-3000
285 Broad St
Manchester, CT

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Post Motor Sales
(860) 233-4208
135 New Park Ave
Hartford, CT

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Harte Nissan
(860) 549-2800
165 W Service Road
Hartford, CT
Services
SUV Repair,Auto Dealers

Crowley R V
(860) 261-3050
9 Barber Street
Bristol, CT
Services
RV and Camper Repair,Auto Dealers,RV and Camper Dealers

Fast-Go Service & Auto Center
(860) 643-1957
275 Main St
Manchester, CT

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Premium Auto Llc
(860) 953-5600
910 New Britain Ave
Hartford, CT

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Chelsea Motors
(860) 246-7006
429 Washington St
Hartford, CT

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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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