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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.

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

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Deacon Jones Clearance Ctr
(919) 936-2048
802 Dr Donnie Jones Blvd W
Princeton, NC

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Belk Auto Sales
(704) 723-4903
913 Old Charlotte Rd
Concord, NC

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The Detail Guy
(704) 258-6171
859 Scaleybark rd
charlotte, NC
 
Auto Bell
(704) 377-3818
1521 E 3rd St
Charlotte, NC

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

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Eaker Motors Used Cars & Auto
(704) 435-4278
820 Marys Grove Rd
Cherryville, NC

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Cary Sport & Imports
(919) 380-8825
8360 Chapel Hill Rd
Cary, NC

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Melvin Motor Company Inc.
(910) 484-6355
202 S Eastern Blvd Ste A
Fayetteville, NC

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Sonic Financial Corp
(704) 536-5600
5401 E Independence Blvd
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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