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Dealer Wants Car Back - Wants More Money Lancaster SC

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.

Lancaster Chevrolet & Cadillac
(803) 286-6645
1616 Charlotte Hwy
Lancaster, SC

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C & O Sales
(803) 285-9861
1653 Great Falls Rd
Lancaster, SC

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Jorge Auto Sales
(704) 283-9000
402 E Jefferson St
Monroe, NC

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521 Auto Sales
(803) 802-3136
8067 Charlotte Hwy
Fort Mill, SC

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Rick's Used Cars
(803) 324-2250
1118 Springdale Rd
Rock Hill, SC

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Starmount Motors Llc
(803) 285-9565
1226 Great Falls Rd
Lancaster, SC

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Rucker Cars
(803) 283-6332
1746 Flat Creek Rd
Lancaster, SC

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Stateline Chrysler Jeep Dodge
(803) 396-1000
800 Gold Hill Rd
Fort Mill, SC

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Burdette Auto Sales
(843) 761-8727
421 S Live Oak Dr
Moncks Corner, SC

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Payless Car Sales
(843) 225-5377
7610 Dorchester Rd
Charleston, SC

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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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