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Dealer Wants Car Back - Wants More Money Kearney NE

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.

Hall Motor Co
(308) 236-9495
1220 2nd Ave
Kearney, NE

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Heritage Auto Sales
(402) 551-1779
5115 Ctr St
Omaha, NE

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Mini Of Omaha
(402) 393-9700
716 N 102nd St
Omaha, NE

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Hollywood Auto Sales Inc
(402) 731-4444
4215 S 24TH St
Omaha, NE

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Wally's Used Cars Inc
(402) 474-4809
2323 P St
Lincoln, NE

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Omaha Auto Inc
(402) 558-3040
2415 N 45TH St
Omaha, NE

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Garner Auto Sales
(402) 557-6194
3821 Q St
Omaha, NE

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Best Buy Auto Sales
(402) 494-2797
800 B St
South Sioux City, NE

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Miracle Mile Motors
(402) 475-1047
1700 P St
Lincoln, NE
Hours
Mon, Tue 9AM-7PM; Wed 9AM-6PM; Thu 9AM-7PM; Fri 9AM-6PM; Sat 9AM-5PM

Jeff Henry
(402) 296-2113
316 Chicago Ave
Plattsmouth, NE

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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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