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Dealer Wants Car Back - Wants More Money Milford OH

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.

Lykins Companies Inc.
(513) 831-8820
5163 Wolfpen-Pleasant Hill Road
Milford, OH

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Melvin C. Rack Jr. Trucking Inc.
(513) 553-2757
7256 Jethve Lane
Cincinnati, OH

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K Asher Trucking Inc.
(513) 774-0878
10941 Shadow Glen Drive
Loveland, OH

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Safeway Enterprises Inc.
(513) 732-3494
1977 US Route 50
Batavia, OH

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Jeff Wyler Automotive Family
(513) 752-7450
829 Eastgate South Drive
Cincinnati, OH

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Kerry Chrysler Jeep Dodge Inc.
(513) 831-7550
701 Chamber Drive
Milford, OH

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Dill Elam Inc. dba City Service
(513) 575-0017
1461 State Route 28
Loveland, OH

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The Bay Emm Vay Store Inc. dba The BMW Store
(513) 271-8700
6131 Stewart Road
Cincinnati, OH

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McLean Trucking Company
(513) 722-1336
1800 Main Street
Goshen, OH

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Jaguar Of Cincinnati Inc.
(513) 984-5247
9620 Montgomery Road
Cincinnati, OH

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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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