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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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Bennett Motor Co
(843) 537-9361
697 Chesterfield Hwy
Cheraw, 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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Starmount Motors Llc
(803) 285-9565
1226 Great Falls Rd
Lancaster, SC

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Constitution Auto
(803) 980-1110
1212 Constitution Blvd
Rock Hill, SC

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Craigs Used Cars
(843) 665-1243
1011 S Cashua Dr
Florence, SC

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Jim Moore Cadillac Inc
(803) 779-3822
2222 Main St
Columbia, 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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