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Dealer Wants Car Back - Wants More Money Lehigh Acres FL

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.

Swordfish Motors Inc.
(239) 225-2190
14261 Jetport Loop W., Suite 6
Fort Myers, FL
Car Makes
Cadillac, Mercedes, BMW, Ford, Chrysler, Chevrolet, GM
Hours
By Appointment

Southwest Florida Auto Brokers
(239) 694-2050
13440 Palm Beach Blvd
Fort Myers, FL

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Denny's Auto Sales
(239) 694-8080
4829 Palm Beach Blvd
Fort Myers, FL

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Edison Bridge Auto Sales
(239) 693-1111
4624 Palm Beach Blvd
Fort Myers, FL

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Palm City Corp
(239) 939-3030
3364 Palm Beach Blvd
Fort Myers, FL

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Davis Auto Wholesale Inc
(239) 334-3322
4830 Palm Beach Blvd
Fort Myers, FL

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Milford Motors Inc
(239) 226-4511
11232 Palm Beach Blvd
Fort Myers, FL

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U Pull & Save
(239) 337-7300
4811 Doctor Martin Luther King Junior Boulevard
Fort Myers, FL
 
Mr Chips Auto Sales Inc
(239) 334-3703
3364 Palm Beach Blvd
Fort Myers, FL

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Auto Credit
(239) 694-4222
3945 Palm Beach Blvd
Fort Myers, FL

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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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