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Dealer Wants Car Back - Wants More Money Mc Minnville 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.

Volunteer Motors Inc
(931) 474-2277
1201 S Chancery St
Mc Minnville, TN

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Newby Motors
(931) 473-4212
404 S Chancery St
Mc Minnville, TN

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King Cotton Ford Lincoln Mercury
(901) 476-7111
965 Highway 51 North
Covington, TN
Services
Clutch Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Bobs House of Honda
(731) 668-4191
603 Vann Drive, # A
Jackson, TN
Services
Motorcycle Fabrication,Motorcycle Repair,Auto Dealers

Stan Mc Nabb Chrysler Plymouth
(931) 455-1155
1200 New Manchester Highway
Tullahoma, TN
Services
Clutch Repair,Fuel Injection Repair,Tune up Repair,Used Truck Dealers,Used Car Dealers,Auto Dealers

Turner's Northgate Car Ctr Inc
(931) 473-4486
1414 Smithville Hwy
Mc Minnville, TN

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Johnson City Honda
(866) 994-2609
2806 N Roan St
Johnson City, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Landers Ford
(901) 854-3673
2082 W Poplar
Collierville, TN
Services
SUV Repair,Truck Auto Body,Auto Dealers

Robinson Toyota
(731) 668-1234
1377 Highway 45 Bypass
Jackson, TN
Services
SUV Repair,Truck Dealers,Used Car Dealers,Auto Dealers

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