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Dealer Wants Car Back - Wants More Money Hays KS

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.

Bright Built Hot Rods
(785) 823-0022
5680 W Old Hwy 40
Salina, KS
Car Makes
1920 ,30, 40, 50, 60,70, 80, 90, 2000and up
Hours
7:30-6:00 M/F
Prices and/or Promotions
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Jensen'S Fred Louisburg Auto Body
(913) 837-5244
301 S Metcalf Rd
Louisburg, KS
 
B & T Auto Glass & Window Tinting
(913) 256-4844
607 Parker Ave
Osawatomie, KS
 
Auto Mart
(785) 733-2778
101 Kelly St
Waverly, KS

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Lynch Auto Plaza
(785) 354-1120
1850 NW Topeka Blvd
Topeka, KS

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Affordable Used Cars
(785) 832-8874
952 N 3rd St
Lawrence, KS

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Affordable Auto Co Inc
(913) 367-0777
1344 Skyway Hwy
Atchison, KS

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Community Acceptance Corp
(913) 262-5805
5234 Merriam Dr
Shawnee, KS

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One Stop Auto Shop
(913) 557-2886
102 S Hospital Dr
Paola, KS
 
Lewis Auto Enterprises & Sales
(785) 233-7011
1701 NW Tyler St
Topeka, KS

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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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