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Dealer Wants Car Back - Wants More Money Huntington IN

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.

Cotton Car Co
(260) 356-0661
1881 Old US Hwy 24
Huntington, IN

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Auto Quest
(260) 982-2608
12033 N State Rd 15
North Manchester, IN

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Affordable Auto Sales
(765) 981-4600
202 State Road 15
La Fontaine, IN

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Superior Auto Inc
(260) 244-7979
1349 E State Road 205
Columbia City, IN

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Olds Inc Commercial Drapery
(317) 257-2450
846 N Senate Ave
Indianapolis, IN

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Village Auto Sales
(260) 982-4405
811 W Main St
North Manchester, IN

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Bart's Car Store Inc
(260) 435-1824
5510 Illinois Rd
Fort Wayne, IN

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Todd's Auto Ctr
(260) 563-7304
146 Smith St
Wabash, IN

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Professional Transportation Inc.
(317) 709-6566
5552 West 29th Place
Evansville, IN

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Best Buy Auto Sales
(260) 470-4254
9714 Stowaway CV
Fort Wayne, IN

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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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