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Dealer Wants Car Back - Wants More Money Pueblo CO

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.

Vidmar Motor Company
(719) 544-5844
600 Albany
Pueblo, CO
 
Wilcoxson Buick, Cadillac & GMC,
(719) 544-4423
902 N. Santa Fe
Pueblo, CO
 
Spradley Barickman Ford Lincoln Mercury, Inc.
(719) 545-3673
2828 Hwy 50 W
Pueblo, CO
 
Spradley Barickman Imports
(719) 543-6710
2145 Highway 50 West
Pueblo, CO
 
Dave Solon Nissan & Subaru
(719) 545-4145
2525 W Highway 50
Pueblo, CO
 
Southwest Motors,Inc
(719) 542-2677
13th and Santa Fe ave
Pueblo, CO
 
Gerard's Automotive
(719) 542-3195
1302 N. Main
Pueblo, CO
 
Pueblo Dodge, Inc.
(719) 545-6666
2147 US 50 West
Pueblo, CO
 
Pueblo Toyota, Inc.
(719) 543-1719
2125 Highway 50 West
Pueblo, CO
 
Spradley Chevrolet, Inc.
(719) 544-8162
2146 Hwy 50 West
Pueblo, CO
 

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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