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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.

Arizona Car & Truck Store Llc
(623) 869-0566
2148 W Deer Valley Rd
Phoenix, AZ

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Marshall Motors Used Cars
(480) 814-8688
857 N Arizona Ave
Chandler, AZ

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Larry Miller Toyota
(623) 876-3400
8425 W. Bell Rd.
Peoria, AZ
 
Scottsdale Bentley
(480) 538-4300
7171 E Chauncey Ln
Phoenix, AZ
Hours
Monday - Friday 8am-7pmSaturday 9am-6pmSunday noon-5pm

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Weiss Guys Auto Sales
(520) 584-9900
2976 N 1ST Ave
Tucson, AZ

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Mary's Auto Sales
(602) 523-9929
303 N Black Canyon Hwy Ste B
Phoenix, AZ

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Motors De Amigos
(602) 278-0803
3707 W Indian School Rd
Phoenix, AZ

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MG Auto Detail
(520) 790-1164
5948n E. Speedway Blvd.
Tucson, AZ
 
Tucson Select Auto Sales
(520) 903-0336
512 N 6th Ave
Tucson, AZ

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Eagle Rider of Sedona
(928) 284-3983
6560 State Route 179
Sedona, 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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