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Dealer Wants Car Back - Wants More Money Jonesboro AR

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.

Car Today
(870) 931-4224
404 S Gee St
Jonesboro, AR

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Countryside Motors Inc
(501) 796-3344
818 Hwy 64 E
Vilonia, AR

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Affordable Paint and Body Repair
(870) 598-3336
1223 E Main St
Piggott, AR

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All American Motor Co
(501) 268-3977
1008 S Main St
Searcy, AR

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Thomas Vaughan Motor Co
(501) 268-1790
3800 E Race Ave
Searcy, AR

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Kbc Auto Sales & Rental
(501) 843-2401
3650 Highway 367 S
Cabot, AR

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Scales Auto Sales
(501) 372-0803
1200 Broadway St
Little Rock, AR

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Jr. Meeks Chevrolet, Inc.
(870) 364-6516
1572 Highway 52 W
Crossett, AR

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Myimprove
(480) 624-2599
15111 N. Hayden Rd
Scottsdale, AR
 
R H Car Sales
(870) 898-8776
1120 N Constitution Ave
Ashdown, AR

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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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