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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.

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(785) 267-7283
3840 Sw Topeka Blvd
Topeka, KS

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Brewer Lonny Auto Repair & Tow
(913) 294-5050
404 N East St
Paola, KS
 
Autoworld Of Kansas City Llc
(913) 371-5550
1228 State Ave
Kansas City, KS

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Trailer & Equipment Sales
(620) 365-7822
1107 East St
Iola, KS

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Jensen'S Fred Louisburg Auto Body
(913) 837-5244
301 S Metcalf Rd
Louisburg, KS
 
D & K Auto Service & Used Cars
(913) 755-3100
537 Brown Ave
Osawatomie, KS
 
jaime
(913) 231-7955
158 beech st
gardner, KS
 
Car Store
(620) 665-7060
401 N Washington St
Hutchinson, KS

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bestliferx
(913) 999-8114
5007 lamar ave apt 1
mission, KS
 
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(913) 837-5700
901 W Amity St
Louisburg, 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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