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Dealer Wants Car Back - Wants More Money Mandan ND

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.

Tate's Auto
(701) 672-0191
115 1st St S
Wahpeton, ND

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Miller Motors
(701) 845-2780
2505 W Main St
Valley City, ND

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Twin City Auto Llc
(701) 772-5600
2210 Gateway Dr
Grand Forks, ND

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robison construction
(701) 563-4321
PO Box 115
Regent, ND
 
Ressler Subaru
(701) 663-8223
805 E Main St
Mandan, ND
 
Magic City Auto
(701) 852-9250
3520 S Broadway
Minot, ND

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Dale's A-1 Auto Sales & Svc
(701) 252-1213
827 17th St SW
Jamestown, ND

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Automax of Minot Rental-Sales
(701) 839-9311
1303 S Broadway
Minot, ND

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Ressler Chevrolet Inc
(701) 663-9851
1500 2nd St NE
Mandan, ND
 
Bessette Motors Inc
(701) 652-2955
395 1st St N
Carrington, ND
 
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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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