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Dealer Wants Car Back - Wants More Money Meridian ID

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.

JFR USED CAR WAREHOUSE
(720) 320-6680
3983 E Pine Ave
Meridian, ID
Hours
9:00 - 6:00 Monday - Friday - Saturday, Sunday and Evenings by appointment

Auto Sense Llc
(208) 331-8590
8904 W Fairview Ave
Boise, ID

Data Provided by:
College Boulevard Auto Sales
(208) 377-9711
4829 W Chinden Blvd
Boise, ID

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Hot Wheels N' Deals
(208) 658-0930
4829 W Chinden Blvd
Boise, ID

Data Provided by:
Larry Miller Honda of Boise
(208) 947-6685
7710 Gratz Dr
Boise, ID
 
JFR USED CAR WAREHOUSE
(208) 855-0700
3983 E PINE AVE
MERIDIAN , ID
Car Makes
ALL MAKES
Hours
MONDAY - FRIDAY 9:00 - 6:00
Prices and/or Promotions
7K AND UP

West Coast Car Co
(208) 378-9800
8520 W Fairview Ave
Boise, ID

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Combs Car Corral
(208) 376-1070
9640 W Fairview Ave
Boise, ID

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Image Auto Sales
(208) 322-3955
9176 W Fairview Ave
Boise, ID

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Dennis Dillon Auto Park
(208) 336-6172
2777 S Orchard St
Boise, ID
 
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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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