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Dealer Wants Car Back - Wants More Money La Follette TN

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.

H&H Automotive and Performance
(865) 755-7206
747 N Main St.
Clinton, TN
Car Makes
General Motors
Hours
M-F 8-5
Prices and/or Promotions
65/hr

Pioneer Motorcycles
(931) 967-2219
2433 Decherd Boulevard
Winchester, TN
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Harper Acura
(865) 691-2834
9739 Kingston Pike
Knoxville, TN
Services
Radiator Repair,Tune up Repair,Auto Dealers

Honda Professional Repair
(865) 927-1505
9001 Oak Ridge Highway
Knoxville, TN
Services
AC and Heating Repair,Auto Dealers

Paul Benton Chevrolet
(865) 483-8488
799 Oak Ridge Turnpike
Oak Ridge, TN
Services
SUV Repair,Truck Service Station,Auto Dealers

Lexus of Kingsport
(423) 224-2270
2527 E Stone Drive
Kingsport, TN
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Stan Mc Nabb Chrysler Plymouth
(931) 455-1155
1200 New Manchester Highway
Tullahoma, TN
Services
Clutch Repair,Fuel Injection Repair,Tune up Repair,Used Truck Dealers,Used Car Dealers,Auto Dealers

Robinson Toyota
(731) 668-1234
1377 Highway 45 Bypass
Jackson, TN
Services
SUV Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Sloan Ford Lincoln Mercury Inc
(931) 388-2463
115 S James Campbell Boulevard
Columbia, TN
Services
Alignment Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Bobs House of Honda
(731) 668-4191
603 Vann Drive, # A
Jackson, TN
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

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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