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Dealer Wants Car Back - Wants More Money Hampton VA

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.

Suttle Motor Corporation
(757) 886-1700
12525 Jefferson Ave, # A
Newport News, VA
Services
AC and Heating Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Charles Barker Automotive
(757) 234-6000
12831 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Phillips Mercedes Benz
(757) 499-3771
4949 Virginia Beach Blvd.
Virginia Beach, VA
Services
Mobile Auto Repair,Used Car Dealers,Auto Dealers

Pay Here Used Cars
(757) 722-1761
1723 W Pembroke Ave
Hampton, VA

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Oyster Point Auto
(757) 283-2277
12001 Jefferson Avenue
Newport News, VA
 
Hall Isuzu Suzuki Mitsubishi
(757) 989-5700
13151 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Priority Hyundai
(757) 877-9995
12872 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Nicks Auto Supermart
(757) 722-3555
128 W. Pembroke Ave
Hampton, VA
 
Showcase Select Imports
(757) 244-4756
5500 Jefferson Ave
Newport News, VA

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MARK FRIEDMAN'S CUSTOM JEWELERS
(757) 898-4907
5308 GEORGE WASHINGTON HIGHWAY
YORKTOWN, VA
 
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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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