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Dealer Wants Car Back - Wants More Money Gulfport MS

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.

Turan foley Motors Inc
(228) 539-7500
11123 Highway 49
Gulfport, MS
Services
SUV Repair,Truck Service Station,Truck Dealers,Auto Dealers

Chuck Ryan Cars
(228) 864-9706
18012 Pineville Rd
Long Beach, MS

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Palmetto Auto Sales
(228) 396-0210
4204 Popps Ferry Rd
Diberville, MS

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Jim Robinson Chevrolet Cad
(228) 762-2711
3803 14th St
Pascagoula, MS
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Acura Of Jackson
(601) 957-7007
828 Adcock Street
Ridgeland, MS
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Gulfport Auto Sales
(228) 539-1102
14275 Dedeaux Rd
Gulfport, MS

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Car Tunes & Used Cars
(228) 435-5174
1661 Pass Rd
Biloxi, MS

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Casino Motors
(228) 396-3222
10074 3rd Ave
Diberville, MS

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Estabrook Toyota
(228) 762-3533
2203 Market Street
Pascagoula, MS
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Crown Dodge Chrysler Jeep
(228) 769-1660
2707 Shortcut Road
Pascagoula, MS
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

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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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