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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.

Car Store
(620) 665-7060
401 N Washington St
Hutchinson, KS

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Mcmillin'S Body Shop & Auto Repair
(913) 294-5880
806 N Pearl St
Paola, KS
 
Phil'S Auto & Tow
(913) 837-4477
602 N Mulberry St
Louisburg, KS
 
Olathe Toyota Parts Center
(800) 516-1455
685 N Rawhide Rd Olathe, KS 66061
Olathe, KS
Car Makes
Toyota
Hours
7am-7pm Mon-Fri, 8am-4pm Sat & 11am-4pm Sun CST ORDER ONLINE 24 HOURS A DAY!

Classics Body Shop
(913) 755-6530
610 Kelly Ave
Osawatomie, KS
 
Mclean Auto & Truck Service
(913) 294-5086
31955 Old Kc Rd
Paola, KS
 
Horseless Carriage
(913) 342-7600
1601 Minnesota Ave
Kansas City, KS

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Lawrence Automotive Diagnostics, Inc.
(785) 842-8665
2858 Four Wheel Dr.
Lawrence, KS
 
MoKan Autos
(816) 824-4290
550 Nebraska Avenue
Kansas City, KS
 
Autoworld Of Kansas City Llc
(913) 371-5550
1228 State Ave
Kansas City, 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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