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Dealer Wants Car Back - Wants More Money Gresham OR

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.

Toyota of Gladstone
(503) 655-7100
19375 McLoughlin Boulevard
Gladstone, OR
Services
Clutch Repair,Emissions Testing,Radiator Repair,Speedometer Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Pontiac Buick GMC By Weston
(503) 465-5343
22555 SE Stark St
Gresham, OR

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Gresham Scion
(503) 465-8055
975 NE Hogan Dr
Gresham, OR

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Auto Link Gresham
(503) 492-1000
22221 SE Stark St
Gresham, OR

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NW Select Auto Group LLC
(503) 709-0054
14721 SE Stark St
Portland, OR
 
Gresham Ford
(503) 489-1607
1940 E Powellv BLVD
Gresham , OR
 
Auto Depot Inc
(503) 661-1010
45 NW Burnside Rd
Gresham, OR

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Gresham Subaru
(888) 498-6354
1925 E Powell Blvd
Gresham, OR

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Abs Auto Sales Llc
(503) 467-4646
14055 Se Stark St
Portland, OR

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Modern Auto
(503) 760-1128
6438 SE 122nd Ave
Portland, OR

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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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