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Dealer Wants Car Back - Wants More Money Manchester NH

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.

Autofair Toyota Of Manchester
(603) 624-1800
33 Auto Center Rd
Manchester, NH
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Big Als Custom Car Care
(603) 483-2031
200 Raymond Rd
Candia, NH
Services
Brake Repair,Engine Repair,Fuel Injection Repair,Service Stations,Tune up Repair,Auto Dealers

M and M Ford
(603) 736-9323
Route 28 N
Epsom, NH
Services
Alignment Repair,Auto Body Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Merrimack Street Garage Inc
(603) 623-7297
220 Union St
Manchester, NH

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International Cars Ltd Inc
(603) 669-8900
785 Goffs Falls Rd
Manchester, NH

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Dobles Chevrolet Inc
(603) 669-8480
1250 S Willow Street
Manchester, NH
Services
Clutch Repair,Auto Dealers

Best Honda Cycle Center
(603) 889-0161
579 Amherst Street
Nashua, NH
Services
Motorcycle Fabrication,Motorcycle Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Cy & Don's Used Cars
(603) 669-1541
61 Maple St
Manchester, NH

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M J Imports Sales & Svc
(603) 668-1800
416 Lake Ave
Manchester, NH

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New Hampshire Additions
(603) 625-9415
2150 Candia Rd
Manchester, NH

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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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