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Dealer Wants Car Back - Wants More Money Lenoir City TN

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.

Harper Acura
(865) 691-2834
9739 Kingston Pike
Knoxville, TN
Services
Radiator Repair,Tune up Repair,Auto Dealers

Grayson Pontiac Jeep BMW
(865) 693-4550
8729 Kingston Pike
Knoxville, TN
Services
Radiator Repair,Tune up Repair,Auto Dealers

Paul Benton Chevrolet
(865) 483-8488
799 Oak Ridge Turnpike
Oak Ridge, TN
Services
SUV Repair,Truck Service Station,Auto Dealers

Imports & More By Randy Mcnabb
(865) 988-4133
10504 Highway 11 E
Lenoir City, TN

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Frontier Motors
(865) 932-0343
10505 Kingston Pike
Knoxville, TN

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Mazda Knoxville
(865) 690-9395
8814 Kingston Pike
Knoxville, TN
Services
Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Honda Professional Repair
(865) 927-1505
9001 Oak Ridge Highway
Knoxville, TN
Services
AC and Heating Repair,Auto Dealers

Rice Mitsubishi
(865) 690-4611
8314 Kingston Pike
Knoxville, TN
Services
Clutch Repair,SUV Repair,Used Car Dealers,Auto Dealers

Harper Infiniti Inc
(865) 690-1970
9737 Kingston Pike
Knoxville, TN

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Xtreme Auto
(865) 691-6200
10606 Kingston Pike
Knoxville, TN

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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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