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Dealer Wants Car Back - Wants More Money London KY

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.

J & J Auto Mart
(606) 864-0977
164 Enterprise Ln
London, KY

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Carl's Auto Sales
(606) 864-8703
614 S Laurel Rd
London, KY

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Dennis Myers Choice Auto Sales
(606) 523-2121
1408 S Main St
Corbin, KY

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Shepherd Suzuki
(859) 624-5500
290 Eastern Bypass
Richmond, KY
Services
Engine Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Layne Brothers Ford Lincoln
(606) 478-1234
7223 Us Highway 23 South
Pikeville, KY
Services
Radiator Repair,Tune up Repair,Auto Dealers

Auto Source of Kentucky
(606) 878-1722
3992 Russell Dyche Memorial Hwy
London, KY

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Brett's Auto Sales
(606) 864-4521
519 S Laurel Rd
London, KY

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Everyone Rides Auto Sales
(606) 528-8001
888 US Hwy 25 W
Corbin, KY

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Parker Ford Lincoln Mercury
(270) 753-5273
701 Main Street
Murray, KY
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Truck Dealers,Auto Dealers

Moore Ford Mercury Chrysler
(270) 298-4800
1201 S Main Street
Hartford, KY
Services
Radiator Repair,Tune up Repair,Auto Dealers

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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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