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Dealer Wants Car Back - Wants More Money Roxboro 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.

R & D Auto Sales
(336) 597-4388
1071 Leasburg Rd
Roxboro, NC

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Talley's Auto Sales
(336) 599-4111
220 S Madison Blvd
Roxboro, NC

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Cbs Quality Cars
(336) 599-7735
232 S Madison Blvd
Roxboro, NC

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Smart Center Cary
(919) 653-3330
2500 Auto Park Blvd
Cary, NC

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East Coast Imports
(704) 391-9234
2700 Wilkinson Boulevard
Charlotte, NC
Car Makes
used
Hours
9am -7pm M-F, 9am-4pm Sat. Closed Sunday

Bj Motors
(336) 503-9202
1017 N Madison Blvd
Roxboro, NC

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1st Choice Warranty
(336) 597-3333
2888 Durham Road
Roxboro, VA
 
Boyette Auto Mall
(800) 640-5795
915 N Madison Blvd
Roxboro, NC
 
Easy Way Auto Sales
(704) 866-4000
1502 W Franklin Blvd
Gastonia, NC

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Oakland Motors
(828) 313-0000
4976 Midway Sand Rd
Hickory, 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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