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Dealer Wants Car Back - Wants More Money Milford CT

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.

Bridge Haven Ford Truck Sales Inc
(203) 877-3281
401 Old Gate Lane
Milford, CT
Services
Clutch Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Colonial Scion Inc
(203) 882-0011
475 Boston Post Rd
Milford, CT

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Steven's Auto Supermarket
(203) 876-6484
717 Bridgeport Ave.
Milford, CT

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Al's Auto
(203) 397-1918
371 Derby Ave
West Haven, CT

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Five Corners Auto Sales
(203) 368-0804
7 Wayne St
Bridgeport, CT

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Maritime Motors of Fairfield
(203) 259-5221
985 Post Road
Fairfield, CT
Services
SUV Repair,Auto Dealers

Napoli Indoor Auto Outlet
(203) 490-8887
241 Boston Post Rd
Milford, CT
 
C & C Automobiles
(203) 375-8504
1201 Barnum Ave
Stratford, CT

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Jordan Remodeling
(203) 926-1111
201 lenore dr
shelton, CT
 
Jes Motors
(203) 732-0069
133 Wakelee Ave
Ansonia, CT

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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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