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Dealer Wants Car Back - Wants More Money Laconia NH

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.

Autoserv of Tilton
(603) 286-3141
634 West Main Street
Tilton, NH
Services
Auto Body Repair,Auto Repair,Clutch Repair,Truck Dealers,Used Truck Dealers,Used Car Dealers,Auto Dealers

Millennium Motor Sales Incorporated
(603) 267-6664
110 NH Rte 106
Gilmanton, NH

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Regal Auction Services LLC
(800) 22r-egal
349 Central Street
Franklin, NH
 
Bill Dube Toyota
(603) 749-5500
40 Dover Point Rd
Dover, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Best Honda Cycle Center
(603) 889-0161
579 Amherst Street
Nashua, NH
Services
Motorcycle Fabrication,Motorcycle Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Hutchinson Motors
(603) 528-8611
6 Farrarville Rd
Belmont, NH

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White Mountain Auto Broker
(603) 968-3005
384 Main St
Ashland, NH

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Mr B's Auto World Inc
(603) 934-9111
403 N Main St
Franklin, NH

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Lakeview Trailer Sales
(603) 899-0003
1210 Us Route 202
rindge, NH
Services
RV and Camper Repair,Trailer Repair,Auto Dealers

Berlin City Ford Lincoln Mercury
(603) 752-6644
485 Main Street
Gorham, NH
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

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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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