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Dealer Wants Car Back - Wants More Money North Richland Hills TX

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.

Nissan of Grapevine Texas
(817) 601-3600
1401 W State Highway 114
Grapevine, TX
Services
Emissions Testing,Engine Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Freeman Toyota
(817) 589-6000
625 NE Loop 820
Hurst, TX

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Discount Motors
(817) 428-8733
7908 Bedford Euless Rd
Fort Worth, TX

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Z's Auto Sales
(817) 656-0407
4249 Denton Hwy
Fort Worth, TX

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James Wood 377
(817) 281-2400
5920 Denton Hwy
Watauga, TX

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Don Davis Nissan
(817) 588-5000
1401 W State Highway 114
Grapevine, TX
Services
Clutch Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Ralph Bezner Autos
(817) 284-1482
3812 Flory St
North Richland Hills, TX

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Musa Auto Sales
(817) 222-1289
4415 NE 28th St
Haltom City, TX

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Auto Trusters
(817) 838-0271
4949 E Belknap St
Fort Worth, TX

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Discount Motors
(817) 654-2886
5801 E Belknap St
Fort Worth, TX

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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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