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Dealer Wants Car Back - Wants More Money Joplin MO

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.

Carthage Ford Mercury Auto
(417) 358-4037
2920 S Grand Avenue
Carthage, MO
Services
Truck Auto Body,Auto Dealers

Ed's Automotive
(417) 624-2600
1841 S. Central City Rd
Joplin, MO
 
Auto Glass Outlet
(417) 621-0020
2520 N Rangeline
Joplin, MO
 
Tri-Star Auto
(417) 623-9000
3116 N Lone Elm Ave
Joplin, MO
 
GM Customs
(417) 627-9099
5123 W. 7th
Joplin, MO
 
Dent Shop Inc
(417) 623-8864
818 E 9th St
Joplin, MO
 
Ralph King Body & Frame Inc
(417) 623-7659
2010 W 10th St
Joplin, MO
 
Car-Mart
(417) 659-8474
3404 E 7TH St
Joplin, MO

Data Provided by:
Green Flag Automotive
(417) 781-7878
915 Ohio
Joplin, MO
 
66 Truck & Foreign Salvage
(417) 781-8160
3835 W 7th St
Joplin, MO
 
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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