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Dealer Wants Car Back - Wants More Money Laurinburg NC

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.

Dudley Preowned Cars
(843) 454-0881
539 Highway 38 S
Bennettsville, SC

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Global Auto Sales Inc
(704) 882-0990
13515 Independence Blvd
Indian Trail, NC

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Higgs Motor Co.
(919) 308-0958
14766 NC HWY 50 N
Garner , NC
 
Thomasville Auto Sales
(336) 249-3304
528 S Main St
Lexington, NC

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Auto Connection
(828) 250-9595
2 Westgate Pkwy
Asheville, NC

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Harpe Auto Mart
(843) 479-9589
510 15-401 Byp E
Bennettsville, SC

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Lake Norman Auto World
(704) 483-2207
427 N Highway 16
Denver, NC

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Boss Motor Co
(336) 623-5554
206 Boone Rd
Eden, NC

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B & B Auto Brokers Inc
(828) 252-4400
1388 Patton Ave
Asheville, NC

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Folger Automotive
(704) 536-9635
5701 East Independence Boulevard
Charlotte, NC
 
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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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