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Dealer Wants Car Back - Wants More Money Maumee OH

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.

Ed Schmidt Collision Center
(419) 897-8600
1425 Reynolds Road
Maumee, OH
Services
Collision Repair,Truck Auto Body,Auto Dealers

Yark Subaru
(949) 515-4447
6000 West Central Ave.
Toledo, OH
 
Ram Auto Sales
(419) 471-9966
4216 Monroe St
Toledo, OH

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Woodville Auto Finance
(419) 697-7253
4510 Woodville Rd
Northwood, OH

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D C Motors
(419) 697-4495
3304 Woodville Rd
Northwood, OH

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Rose City Motors
(419) 531-5437
635 S Reynolds Rd
Toledo, OH

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Saver Auto
(419) 534-3443
903 N Westwood Ave
Toledo, OH

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Tom Cater Auto Sales
(419) 475-1700
2501 Tremainsville
Toledo, OH
Car Makes
9:30-6:00 Weekdays 9:30-4:00 Sat CLOSED SUNDAY
Hours
Now Buying Vehicle - Quick and EASY

Nationwide Auto Finance
(419) 691-1141
1506 Woodville Rd
Toledo, OH

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Dave White Auto Credit
(419) 882-8736
5451 Alexis Rd
Sylvania, OH

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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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