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Dealer Wants Car Back - Wants More Money Muscle Shoals AL

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.

Evans, Bruce Dr
(256) 766-8800
1915 Florence Blvd
Florence, AL

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Azalea City Motors
(251) 452-0111
3032 Saint Stephens Rd
Mobile, AL

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Moody's Enterprises
(251) 452-8425
929 Saint Stephens Rd
Mobile, AL

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Manning Motor Co
(334) 290-1700
2231 Cobbs Ford Rd
Prattville, AL

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Auto Tech Of Mobile
(251) 660-1284
3943 Government Blvd
Mobile, AL
 
Bill Deloach Automotive Llc
(205) 553-4444
2800 Skyland Blvd E
Tuscaloosa, AL

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Two Fifty Automotive Llc
(251) 706-3670
28745 Us Highway 98
Daphne, AL

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Star Automotive Inc
(205) 221-4307
2707 Viking Dr
Jasper, AL

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All Pro Auto Sales
(251) 653-3081
7350 Old Pascagoula Rd
Theodore, AL

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Honda of Jasper
(205) 385-0092
4102 Highway 78 E
Jasper, AL

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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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