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Dealer Wants Car Back - Wants More Money Kihei HI

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.

Ernie's Kwik Lube/Auto Repair
(808) 879-3643
300 Ohukai Rd Ste C207
Kihei, HI
 
Auto Value Parts Stores
(808) 891-1027
2675 Wai Wai Pl
Kihei, HI
 
Kihei Auto Sales
(808) 875-8782
177 Halekuai St
Kihei, HI
 
Kihel Auto Clinic
(808) 875-0946
300 Ohukai Rd Ste C103
Kihei, HI
 
Prestige Auto Detailing
(808) 874-5693
22 Alahele Pl
Kihei, HI
 
Resurrected Auto
(808) 875-4808
125 Kio Loop
Kihei, HI
 
Auto Spa Maui LLC
(808) 875-4700
330 Ohukai Rd
Kihei, HI
 
Auto Spa Maui
(808) 276-4569
340 Ohukai Rd Unit 202
Kihei, HI
 
Kais Mobile Auto Detailing
(808) 250-3487
47 E Waipuilani Rd
Kihei, HI
 
Effortless Auto
(808) 891-2886
6400 Sycmore Ln N Apt 304
Kihei, HI
 

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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