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Dealer Wants Car Back - Wants More Money Rio Rancho NM

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.

Cross Country Auto Sales
(505) 314-2020
9790 Coors Blvd NW
Albuquerque, NM

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Elite Auto
(505) 244-1183
3219 Claremont Ave NE
Albuquerque, NM

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Lexus Of Albuquerque
(505) 341-1600
4821 Pan American West Fwy NE
Albuquerque, NM

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Affordable Auto-Truck Cnnctn
(505) 884-1439
2601 Menaul Blvd Ne
Albuquerque, NM

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Express Credit Automart
(505) 256-3400
5113 Lomas Blvd NE
Albuquerque, NM

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Larry H Miller Used Car
(505) 821-0979
5995 Alameda Blvd NE
Albuquerque, NM

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Blayne's Auto Superstore
(505) 880-0800
4700 San Mateo Blvd NE
Albuquerque, NM

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Alex Auto Sales
(505) 343-8707
2909 2nd St NW
Albuquerque, NM

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Houston Wholesale
(505) 255-5200
4718 Lomas Blvd NE
Albuquerque, NM

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Casa Chevrolet
(877) 398-8243
7201 Lomas NE
albuquerque, NM
 
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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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