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Dealer Wants Car Back - Wants More Money Hyattsville MD

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.

Fairfax Autobody
(703) 273-1850
9610 Lee Highway
Fairfax, VA
Services
Collision Repair,Auto Dealers

Crown Car & Wagon Sales Inc
(202) 526-3001
2510 Bladensburg Rd NE
Washington, DC

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Flo Motor Co
(202) 526-2700
1716 Rhode Island Ave NE
Washington, DC

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Washington Auto Sales & Collision Center
(202) 269-1050
2607 Reed Street NE
Washington, DC
 
Capital Auto Sales Inc
(202) 832-8800
1101 Brentwood Rd NE
Washington, DC

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Washington Tires
(202) 269-5580
720 Rhode Island Ave NE
Washington, DC
 
McDonalds Custom Car Care
(202) 832-2273
3221 12th St NE
Washington, DC
 
Twin Rivers Auto Svc
(202) 529-1278
2507 Bladensburg Rd NE
Washington, DC

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B 210 Auto Sales Inc
(202) 529-0297
1522 Rhode Island Ave NE
Washington, DC

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ERJ Auto Service, Inc
(202) 258-8484
2607 Reed St NE Unit D1
Washington, DC
 
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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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