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Dealer Wants Car Back - Wants More Money Jackson MS

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.

Acura Of Jackson
(601) 957-7007
828 Adcock Street
Ridgeland, MS
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Advance Auto Parts
(601) 936-2199
3107 Highway 80 E
Pearl, MS
 
Jerry's Auto Sales
(601) 932-2218
5022 Hwy 80 E
Pearl, MS
 
Lichlyter & Associates PA
(601) 983-2501
3271 Hwy 80 East
Pearl, MS
 
Clinton Auto Supply-Rod's
(601) 924-1404
230 Clinton Blvd
Clinton, MS
 
Parts For Less
(601) 664-1660
2600 Hwy 80 E
Pearl, MS
 
Auto Country
(601) 420-9617
3575 Highway 80 E
Pearl, MS
 
Abe's Auto Sales
(601) 371-3100
3619 Highway 80 E
Pearl, MS
 
JD Byrider
(601) 939-7151
2521 Highway 80 E
Pearl, MS

Data Provided by:
Davis Tire & Auto
(601) 925-4711
604 Springridge Rd
Clinton, MS
 
Data Provided by:

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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