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Dealer Wants Car Back - Wants More Money Hightstown NJ

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.

Baker Chrysler Jeep Dodge
(609) 921-2222
1045 U.S. Highway 206
Princeton, NJ
Services
Alignment Repair,Auto Body Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Van Dealers,Used Trucks Dealers,Auto Dealers

Peruzzi Pontiac Buick GMC Sales and Service
(215) 943-6000
165 Lincoln Highway
Fairless Hills, PA
Services
Clutch Repair,Radiator Repair,Retail Tire,Tune up Repair,Truck Dealers,Auto Dealers

C J Motors
(609) 882-0003
1459 Princeton Ave
Ewing, NJ

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Proformance Unlimited
(800) 267-3940
17B Jackson Street
Freehold, NJ
Car Makes
8am-5pm
Hours
Custom Crate Engines

A & J Auto Sales
(732) 390-1811
82 Prospect St
South River, NJ

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Progressive Automotive Inc
(732) 545-7295
545 Georges Rd
North Brunswick, NJ
Services
AC and Heating Repair,Auto Inspection,Auto Repair,Diagnostic Services,Auto Dealers

Dick Greenfield Dodge & Isuzu
(609) 895-1111
Us Highway 1
Lawrenceville, NJ

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Arena Auto Exchange Sales
(609) 888-0134
2466 S Broad St
Trenton, NJ

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Johnston Auto Sales
(732) 591-1656
430 State Route 79
Morganville, NJ

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Elite Auto Group
(732) 418-9909
926 Somerset St
New Brunswick, NJ

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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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