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Dealer Wants Car Back - Wants More Money Mcpherson KS

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.

Metro Auto
(913) 297-0227
1347 Metropolitan St
Leavenworth, KS

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Eureka Muffler Plus Auto Sales
(620) 583-7537
202 E River St
Eureka, KS

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Lawrence Automotive Diagnostics, Inc.
(785) 842-8665
2858 Four Wheel Dr.
Lawrence, KS
 
Parks Motors of Augusta
(316) 775-4328
11987 SW US HWY 54
Augusta, KS
Car Makes
Chrysler, Dodge, Jeep & Ram
Hours
7:30 a.m. - 8 p.m.
Prices and/or Promotions
Buy 1 Oil Change For $39.95, Get 3 Free!

Earley Enterprises
(913) 831-2226
5208 W 65TH Ter
Mission, KS

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Credit Motors Inc
(913) 621-1206
1400 State Ave
Kansas City, KS

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Matchless Auto Sales
(913) 837-5700
901 W Amity St
Louisburg, KS
 
Honeyman Auto Plaza
(785) 266-7771
819 SW Croix St
Topeka, KS

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Mid American Auto Sales
(913) 837-3727
109 N Metcalf Rd
Louisburg, KS
 
Lewis Auto Enterprises & Sales
(785) 233-7011
1701 NW Tyler St
Topeka, KS

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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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