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Dealer Wants Car Back - Wants More Money Humboldt TN

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.

Robinson Toyota
(731) 668-1234
1377 Highway 45 Bypass
Jackson, TN
Services
SUV Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Golden Circle Ford Lincoln
(731) 664-0873
1432 Highway 45 Bypass
Jackson, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Gwatney Mazda of Jackson
(731) 660-5055
531 Vann Drive
Jackson, TN
 
Blue Moon Auto Sales LLC
(731) 410-8200
3511 N Highland Ave
Jackson, TN

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Joe Mahan Ford Inc
(731) 642-4711
211 Memorial Drive
Paris, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Bobs House of Honda
(731) 668-4191
603 Vann Drive, # A
Jackson, TN
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Mazda of Jackson
(731) 421-1505
721 S Highland Avenue
Jackson, TN
Services
Truck Service Station,Auto Dealers

Auto City Usa
(731) 664-8113
766 Vann Dr
Jackson, TN

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robertson lawn service
(731) 422-5452
26 riley cove
jackson, TN
 
Grayson Pontiac Jeep BMW
(865) 693-4550
8729 Kingston Pike
Knoxville, TN
Services
Radiator Repair,Tune up Repair,Auto Dealers

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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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