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Dealer Wants Car Back - Wants More Money Lafayette 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.

Alpha Automobile Sales, LLC
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
caeliyos
(337) 303-9503
300 sprus dr apt 152
lafayette, LA
 
Rabeauxs Auto Sales
(337) 991-9100
6882 Johnston St
Lafayette, LA
 
J P Thibodeaux Used Cars
(337) 367-3287
6100 Hwy 90 W
New Iberia, LA

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All Star Automotive Group
(318) 445-1486
5757 Coliseum Boulevard
Alexandria, LA
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Alpha Automobile Sales
(337) 988-1960
6904 Johnston St
Lafayette, LA

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Progressive Motors
(337) 406-2886
1909 Johnston St
Lafayette, LA

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Cajun Cars & Trucks
(337) 269-8805
3231 W Pinhook Rd
Lafayette, LA

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Hixson Auto Plex
(318) 448-0871
2506 S Macarthur Drive
Alexandria, LA
Services
Clutch Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Auto Dealers

Cecil Graves ChevroletPontiacGMC Truck
(225) 635-3895
7259 US Hwy 61
Saint Francisville, LA
Services
Auto Repair,Truck 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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