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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.

Sands On Broadway
(480) 962-5600
1515 W Broadway Rd
Mesa, AZ

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Sunset Ford, Inc
(623) 977-8888
9130 W. Bell Rd.
Peoria, AZ
 
Luxury Pre Owned North
(480) 538-4300
7171 E Chauncey Ln
Phoenix, AZ

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Oldsmobile Authorized Dealer
(480) 898-6000
470 S Alma School Rd
Mesa, AZ

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Drivetime
(520) 834-8751
7920 E 22nd St
Tucson, AZ

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Empire Auto Sales
(602) 437-5466
4127 E University Dr
Phoenix, AZ

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Larry Miller Toyota
(623) 876-3400
8425 W. Bell Rd.
Peoria, AZ
 
Crazy Otto's
(602) 298-2993
3502 W Greenway Rd
Phoenix, AZ

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Sedona Off-Road Center
(928) 282-5599
211 State Route
Sedona, AZ
 
Mirage Auto Sales
(602) 765-3085
13001 N Cave Creek Rd Ste B
Phoenix, 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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