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Dealer Wants Car Back - Wants More Money Safford AZ

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.

Prestige Auto Sales
(602) 870-0224
9810 N Cave Creek Rd
Phoenix, AZ

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Live X Auto Exchange
(602) 977-2886
2929 E Camelback Rd
Phoenix, AZ

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Zeus Auto & Truck
(602) 423-5892
4124 W Indian School Rd
Phoenix, AZ

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America Auto Motriz
(602) 275-2158
3102 E Van Buren St
Phoenix, AZ

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Thrifty Car Sales Inc
(480) 355-1900
881 N Arizona Ave
Gilbert, AZ

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Biddulph Mazda
(623) 933-3900
8424 W. Bell Rd.
Peoria, AZ
 
Shade Tree Automotive Equipment
(602) 323-0978
319 E Pioneer St
Phoenix, AZ

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Bromm Auto Outlet
(480) 949-8227
2318 N Scottsdale Rd
Scottsdale, AZ

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Car & Truck City
(602) 249-2277
5114 N 27th Ave
Phoenix, AZ

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Babbitt Ford Lincoln Mercury
(928) 774-5063
11 N Verde
Flagstaff, AZ
 
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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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