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Dealer Wants Car Back - Wants More Money Pasadena 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.

Baytown Cadillac
(281) 471-8411
700 West Texas Avenue
La Porte, TX
Services
Clutch Repair,Auto Dealers

Auto Source Usa
(281) 479-4747
7410 Spencer Hwy
Pasadena, TX

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Big Horn Auto Sales
(281) 487-4928
4717 Spencer Hwy
Pasadena, TX

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Antonio's Auto Sales
(713) 472-2323
2206 Shaver St
Pasadena, TX

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Cjs Auto Sales
(713) 947-6405
2509 S Houston Rd
Pasadena, TX

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Momentum Volkswagen
(800) 491-7317
2405 Richmond Ave
Houston, TX
Services
Auto Parts,Auto Repair,Clutch Repair,Speedometer Repair,SUV Repair,Used Car Dealers,Auto Dealers

Big C Auto Sales
(713) 473-8833
3323 Red Bluff Rd
Pasadena, TX

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Hyde Motor Co
(281) 487-2275
2801 Preston Ave
Pasadena, TX

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Mario's Used Cars
(713) 941-6600
3106 Spencer Hwy
Pasadena, TX

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Carter's Cars
(713) 472-8181
2243 Strawberry Rd
Pasadena, 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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