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Dealer Wants Car Back - Wants More Money Roanoke Rapids NC

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.

Roanoke Valley Auto Trader
(252) 535-4546
Online
Roanoke Rapids, NC
 
Pleasant's Used Cars
(252) 537-8669
1401 Roanoke Ave
Roanoke Rapids, NC

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Global Auto Sales Inc
(704) 882-0990
13515 Independence Blvd
Indian Trail, NC

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Journey Auto Sales Inc
(704) 563-1700
9614 Albemarle Rd
Charlotte, NC

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Performance Acura
(919) 969-2299
1814 Durham-Chapel Hill Boulevard
Chapel Hill, NC
Car Makes
Acura

Charlie's Auto Sales
(252) 535-7970
22 Brigman St
Roanoke Rapids, NC

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Five Star Auto Sales
(704) 482-4112
1002 Polkville Rd
Shelby, NC

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Boulevard Auto Sales
(919) 876-7433
2936 Capital Blvd
Raleigh, NC

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JD BYRIDER
(919) 747-3664
5101 NEW BERN AVE
RALEIGH, NC
 
Johnson Lexus
(919) 877-1800
6001 Capital Blvd
Raleigh, NC

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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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