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Dealer Wants Car Back - Wants More Money Hagerstown MD

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.

Hagerstown Motors
(301) 745-5222
17703 Virginia Ave
Hagerstown, MD

Data Provided by:
Greencastle Lube Center
(717) 597-2500
10680 Antrim Church Road
Greencastle, PA
 
Hicks Chevrolet, Inc.
(717) 597-2131
650 N Antrim Way
Greencastle, PA
 
Cunningham's Body Shop
(717) 597-2624
12719 Williamsport Pike
Greencastle, PA
 
Antrim Way Honda
(717) 597-3101
224 South Antrim Way
Greencastle, PA
 
Mellott Transport Inc.
(717) 597-1445
P. O. Box 522
Greencastle, PA
 
Skyline Auto Sales
(717) 597-5257
131 South Antrim Way
Greencastle, PA
 
Bill Bowers Tire & Auto
(717) 597-9103
75 Pine Drive
Greencastle, PA
 
Covalt's Repair
(717) 597-4664
1209 Mason-Dixon Road
Greencastle, PA
 
Antrim Auto Parts
(717) 597-3118
48 South Antrim Way
Greencastle, PA
 
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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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