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Dealer Wants Car Back - Wants More Money Omaha NE

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.

Auto World
(402) 393-3325
337 S 72ND St
Omaha, NE

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Happy Jack's Auto Sales
(402) 561-6588
4654 Leavenworth St
Omaha, NE

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Sonny Gerber Auto Sales
(402) 556-4086
4519 Cuming St
Omaha, NE

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Mini Of Omaha
(402) 393-9700
716 N 102nd St
Omaha, NE

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Heritage Auto Sales
(402) 551-1779
5115 Ctr St
Omaha, NE

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Wolfson Used Cars
(402) 558-3233
1308 N Saddle Creek Rd
Omaha, NE

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Elmwood Auto Sales & Ski
(402) 561-8630
5923 Leavenworth St
Omaha, NE

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Dealin Dj's Car & Truck Sales
(402) 553-7729
6002 Ctr St
Omaha, NE

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Catholic Charities
(402) 898-2277
6030 Arbor St
Omaha, NE

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Dan D Auto & Ski
(402) 556-1282
4669 Leavenworth St
Omaha, NE

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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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