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Dealer Wants Car Back - Wants More Money Kenner LA

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.

Best Chevrolet
(504) 468-9817
2600 Veterans Memorial Boulevard
Kenner, LA
Services
Truck Auto Body,Auto Dealers

Asap Auto Sales
(504) 466-9999
2115 Williams Blvd
Kenner, LA

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Jefferson Auto Plex
(504) 467-4678
2020 Airline Dr
Kenner, LA

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Empire Products Automotive Paint & Supply
(504) 729-4655
621 S. AL Davis Rd.
Harahan, LA
Hours
9 - 5 Mon. - Fri.

A/Quality Auto Sales
(504) 846-5005
1420 N Causeway Blvd
Metairie, LA

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Cadillac of Metairie
(504) 885-3000
3100 Lime Street
Metairie, LA
Services
Auto Body Repair,Radiator Repair,Tune up Repair,Auto Dealers

Southern Auto Wholesale
(504) 469-3800
2040 Williams Blvd
Kenner, LA

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Z Imports
(504) 818-1616
6011 Airline Dr
Metairie, LA

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Bon Prix Auto Sales LLC
(504) 828-7909
3724 AIRLINE DR
METAIRIE, LA

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Benson Saab Volkswagon
(504) 827-1200
3000 Tulane Ave
New Orleans, LA

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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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