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Dealer Wants Car Back - Wants More Money Inman SC

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.

Family Auto
(864) 577-0728
1520 Asheville Hwy
Spartanburg, SC

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Deal Depot
(864) 848-4040
13650 E Wade Hampton Blvd
Greer, SC

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Stan Egan's Auto World
(864) 877-0909
900 W Wade Hampton Blvd
Greer, SC

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A-1 Auto Sales
(803) 739-0010
800 Sunset Blvd
West Columbia, SC

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Stateline Chrysler Jeep Dodge
(803) 396-1000
800 Gold Hill Rd
Fort Mill, SC

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Bradshaw Chevrolet-Buick-Cdllc
(864) 271-1278
1400 E Wade Hampton Blvd
Greer, SC

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Uncle Joe's Cars & Trucks
(864) 574-6994
1022 E Blackstock Rd
Moore, SC

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Triple A Auto Sales
(843) 355-7611
1252 Thorne Ave
Kingstree, SC

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Sav-On Cars Inc
(843) 824-1363
128 College Park Rd
Ladson, SC

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Gene Reed's Auto Max Pre-Owned
(843) 764-2858
7501 Rivers Ave
North Charleston, SC

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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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