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Dealer Wants Car Back - Wants More Money New London 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.

BMW of New London
(860) 447-3141
543 Colman Street
New London, CT
Services
Auto Body Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Auto Dealers

Polizzi Motors
(860) 444-2374
60 Truman St
New London, CT

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James Auto Ltd
(860) 892-0071
380 W Thames St
Norwich, CT

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Premier Motors Inc
(401) 741-5934
33 Railroad Ave
Westerly, RI

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Crowley R V
(860) 261-3050
9 Barber Street
Bristol, CT
Services
RV and Camper Repair,Auto Dealers,RV and Camper Dealers

Secor SAAB Volvo Collision Technology
(860) 442-3232
575 Broad Street
New London, CT
Services
Auto Body Repair,Clutch Repair,Collision Repair,Radiator Repair,Tune up Repair,Auto Dealers

M C Enterprises
(860) 449-0000
340 Gold Star Hwy
Groton, CT

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Urso's Auto Detailing
(401) 348-0200
93 Granite St
Westerly, RI

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Secor SAAB Volvo Collision Technology
(860) 442-3232
575 Broad Street
New London, CT
Services
Auto Body Repair,Clutch Repair,Collision Repair,Radiator Repair,Tune up Repair,Auto Dealers

Liberty Mazda
(860) 240-7406
149 Liebert Road
Hartford, CT
Services
SUV Repair,Used Car Dealers,Auto Dealers

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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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