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Dealer Wants Car Back - Wants More Money Jeffersonville 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.

Bales Auto Mall
(812) 282-4356
630 Broadway Street
Jeffersonville, IN
 
Highland Motorsport
(502) 451-2150
1125 Bardstown Road
Louiville, KY
 
Sonny Bishop Cars
(502) 966-9040
5102 Preston Hwy
Louisville, KY

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Car Store
(502) 966-2336
6801 Preston Hwy
Okolona, KY

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Auto Smart
(502) 969-3600
6626 Preston Hwy
Louisville, KY

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Neil Huffman Honda
(502) 299-3556
1607 Green Tree Blvd
Clarksville , IN
 
Tom Gray Auto Sales
(502) 637-8894
1100 E Kentucky St
Louisville, KY

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Rockford Lane Auto Sales
(502) 448-2030
2618 Rockford Ln
Louisville, KY

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Remax Auto Sales
(502) 618-2070
6913 Shepherdsville Rd
Louisville, KY

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Gordon Motor Sports
(502) 231-8888
5801 Bardstown Rd
Louisville, KY

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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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