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Dealer Wants Car Back - Wants More Money Hilliard OH

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.

Ricart Hyundai
(614) 836-6251
4255 South Hamilton Road
Columbus, OH
Services
SUV Repair,Truck Service Station,Auto Dealers

Byers Dublin Superstores Chevrolet
(614) 793-4800
6801 Village Parkway
Dublin, OH

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Kellie Auto Sales
(614) 853-4205
4975 W Broad St
Columbus, OH

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College Car Co Inc
(614) 447-0041
3021 N High St
Columbus, OH

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Buyers Choice Cars
(614) 559-9555
4720 N High St
Columbus, OH

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Immke Honda
(614) 764-9449
4300 W Dublin Granville Rd
Dublin, OH

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K D Motor Car
(614) 486-2886
1562 King Ave
Columbus, OH

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Sam's Auto Sales
(614) 262-2127
3264 N High St
Columbus, OH

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Bobs Used Cars
(614) 272-2482
2480 Sullivant Ave
Columbus, OH

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Great Western Motors
(614) 279-9007
3278 W Broad St
Columbus, OH

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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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