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Dealer Wants Car Back - Wants More Money Poplar Bluff MO

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.

Blackwell Baldwin Ford Lincoln
(573) 785-6484
801 S Westwood Boulevard
Poplar Bluff, MO
Services
Alignment Repair,Engine Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Stadium Motors
(573) 778-8256
3328 County Road 462
Poplar Bluff, MO

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Gilmore Auto Sales
(573) 785-1223
534 County Road 527
Poplar Bluff, MO

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Ozark Ford Lincoln Mercury
(573) 346-5551
268 N State Highway 5
Camdenton, MO
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Van Dealers,Auto Dealers

Chris Auffenberg Chevrolet
(314) 965-0833
1000 N Kirkwood Road
Saint Louis, MO
Services
SUV Repair,Truck Service Station,Auto Dealers

Bluff City Toyota
(573) 785-5761
801 S Westwood Blvd
Poplar Bluff, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Henderson Auto Sales
(573) 785-8433
240 S Westwood Blvd
Poplar Bluff, MO

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Bluff City Toyota
(573) 785-5761
801 S Westwood Blvd
Poplar Bluff, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Auto Dealers

Carthage Ford Mercury Auto
(417) 358-4037
2920 S Grand Avenue
Carthage, MO
Services
Truck Auto Body,Auto Dealers

Huberts Ford Sales Company
(417) 993-5511
Highway 65
Urbana, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

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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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