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Dealer Wants Car Back - Wants More Money Oklahoma City OK

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.

Cable Volkswagen Mitsubishi
(405) 787-0433
4710 NW 39th Street
Oklahoma City, OK
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Gem Motors
(405) 236-3303
504 N Classen Blvd
Oklahoma City, OK

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Autoline Motors
(405) 948-8165
1110 N Portland Ave
Oklahoma City, OK

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Santa Fe. Auto Sales
(405) 521-1691
28 NE 50th St
Oklahoma City, OK

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Car Zone
(405) 605-4112
233 SW 29th St
Oklahoma City, OK

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Bob Moore
(405) 721-6000
7402 Northwest Expressway Street
Oklahoma City, OK
Services
Truck Auto Body,Van Dealers,Auto Dealers

Eldorado Motors
(918) 663-3684
701 NW 5th St
Oklahoma City, OK

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Classic Motors
(405) 946-4254
1115 N Portland Ave
Oklahoma City, OK

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Tony's Auto
(405) 631-1100
620 SW 29th St
Oklahoma City, OK

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Super Sports & Imports Inc
(405) 949-0202
4301 NW 39th St
Oklahoma City, OK

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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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