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Dealer Wants Car Back - Wants More Money Nottingham MD

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.

Cowan Distribution Services
(513) 272-1134
5100 Duck Creek Road
Baltimore, MD

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National Motors Inc
(410) 256-8373
4129 E Joppa Rd
Baltimore, MD

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D & E Auto Sales Inc
(410) 444-1200
7210 Harford Rd
Baltimore, MD

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Motorlink Sales & Svc Llc
(410) 780-0015
8322 Pulaski Hwy
Baltimore, MD

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H & N Auto Sales
(410) 321-9500
1502 E Joppa Rd
Towson, MD

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Schaefer and Strohminger
(800) 658-4574
8200 Belair RD
Baltimore, MD
 
Hertiage Volkswagon
(410) 882-1505
9219 Harford Rd
Baltimore, MD

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Easterns Whitemarsh
(410) 780-5133
7910 Pulaski Hwy
Rosedale, MD

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Smith Motor Co
(410) 335-2302
10800 Philadelphia Rd
White Marsh, MD

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J P Motors
(410) 254-4578
6400 Harford Rd
Baltimore, MD

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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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