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Dealer Wants Car Back - Wants More Money Pell City AL

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.

Rsb Auto Sales Llc
(205) 640-3112
2224 Moody Pkwy
Moody, AL

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Little's Auto Sales
(251) 675-2640
5243 Saraland Blvd S
Satsuma, AL

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SUNNY KING TOYOTA
(256) 835-0800
2570 US HWY 78 EAST
ANNISTON, AL
 
McGraw-Webb Chevrolet Inc
(334) 682-4258
29 Camden Byp
Camden, AL

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C Hall Motors Used Cars
(256) 543-3111
1405 Gadsden Ave
Gadsden, AL

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Ellison Auto Sales
(256) 362-7212
412 Fort Lashley Ave
Talladega, AL

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Yes U Can Used Cars Inc
(256) 585-3011
1211 Jordan Ln Nw
Huntsville, AL

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Auto Tech Of Mobile
(251) 660-1284
3943 Government Blvd
Mobile, AL
 
Dack Auto Service
(334) 347-8496
PO Box 311088
Enterprise, AL
 
Jerry's Used Cars
(256) 775-2883
10474 Us Highway 31
Hanceville, AL

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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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