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Dealer Wants Car Back - Wants More Money Las Vegas NV

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.

Elliott Imports Auto Service
(702) 454-4700
255 Elliott Road, # B7
Henderson, NV
Services
AC and Heating Repair,Auto Dealers

Chubby's Custom Auto Access
(702) 214-9414
1301 S Commerce St
Las Vegas, NV

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Desert Dodge, Inc.
(702) 221-0000
702) 221-0000
Las Vegas, NV
 
Global Brokers
(702) 458-5800
3355 Spring Mountain Rd Ste 229
Las Vegas, NV

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Drive Time
(702) 352-2500
1616 S Decatur Blvd
Las Vegas, NV

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Carollos Tropicana Motors
(702) 547-2221
3360 S Decatur Blvd
Las Vegas, NV

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Lamb Sales & Leasing
(702) 739-1802
4535 W Sahara Ave Ste 112B
Las Vegas, NV
 
Desert Mini Of Las Vegas
(702) 947-4401
2333 S Decatur Blvd
Las Vegas, NV

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Highland Auto Sales
(702) 434-2886
1531 Western Ave
Las Vegas, NV

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SIN CITY AYTO SALES
(702) 531-7490
1606 S COMMERCE ST
LAS VEGAS, NV
Hours
9TO 8 7 DAYS
Prices and/or Promotions
1500TO 13000

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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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