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Dealer Wants Car Back - Wants More Money Miami Lakes FL

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.

Rick Case Acura
(954) 587-1111
875 N State Road 7
Plantation, FL
Services
Alignment Repair,Auto Body Repair,Clutch Repair,Fuel Injection Repair,SUV Repair,Used Car Dealers,Auto Dealers

T & S Automotive Group
(305) 821-2660
10102 NW 80TH Ave
Hialeah, FL

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Lexus of Pembroke Pines
(954) 443-2020
16150 Pines Blvd.
Pembroke Pines, FL

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Ameri First
(305) 821-2225
10030 Nw 79th Ave
Hialeah, FL

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H & N Auto Sales Inc
(305) 685-3807
3589 NW 154th Ter
Miami Gardens, FL

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Joselin Auto Brokers
(305) 821-0608
9811 NW 80th Ave
Hialeah Gardens, FL

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Acura Pembroke Pines
(954) 985-2424
15601 Pines Blvd.
Pembroke Pines, FL

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Mobile Window Tinting Enterprises, Inc.
(954) 438-1040
4601 SW 151st Way
Miramar, FL

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Machin Cars
(305) 826-7288
4070 W 16th Ave
Hialeah, FL

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Hi-Tech Auto Alarm Systems
(305) 796-0929
4169 NW 135th St
Opa Locka, FL

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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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