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Dealer Wants Car Back - Wants More Money Parkersburg WV

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.

Pioneer Chevrolet Cadillac Inc
(740) 373-9127
1315 Pike Street
Marietta, OH
Services
Clutch Repair,Fuel Injection Repair,Tune up Repair,Auto Dealers

Mary's Used Cars
(304) 424-7280
1210 7th St
Parkersburg, WV

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Action Auto Sales
(304) 428-3011
1128 7TH St
Parkersburg, WV

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B Balderson Used Cars
(304) 428-2313
1301 Staunton Ave
Parkersburg, WV

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Credit Auto Sales Inc
(304) 485-2212
415 Division St
Parkersburg, WV

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Big K Auto Ctr Inc
(304) 485-0237
1600 Depot Rd # A
Parkersburg, WV

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Downtown Motors
(304) 422-7911
705 7th St
Parkersburg, WV

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Jim's Auto Sales
(304) 422-1252
1230 30th St
Parkersburg, WV

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Garfield Preowned Autos
(304) 422-6853
1826 Garfield Ave
Parkersburg, WV

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Jason Warner Motor Co
(304) 424-6222
1981 7th St
Parkersburg, WV

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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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