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Dealer Wants Car Back - Wants More Money Kirkland WA

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.

Lynnwood Dodge
(425) 771-2255
20612 Highway 99
Lynnwood, WA
Services
Clutch Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Good Chevrolet Inc Parts Department
(425) 235-2000
325 SW 12th Street
Renton, WA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

405 Motors
(425) 485-7300
8529 122nd Ave Ne
Kirkland, WA

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United Motors
(425) 821-9837
12601 132nd Ave Ne # E
Kirkland, WA

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Landmark Motors Inc
(425) 821-6028
13123 NE 124th St
Kirkland, WA

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Seaview Chevrolet Pontiac Gmc
(425) 742-1920
17909 Highway 99
Lynnwood, WA
Services
Radiator Repair,Tune up Repair,Auto Dealers

Eastside Motor Co
(425) 822-2678
721 Market St
Kirkland, WA
Hours
Monday-Saturday 9:00am-6:00pmSunday 10:00am-4:00pm or by Apppointment

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qt maintenance
(206) 491-7507
10906 ne 135th pl
kirkland, WA
 
Eastside Subaru
(425) 823-3906
11616 120th Ave NE
Kirkland, WA
 
Sal's Auto
(425) 823-9092
11843 Slater Ave NE
Kirkland, WA

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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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