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Dealer Wants Car Back - Wants More Money Saint Ann MO

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.

Chris Auffenberg Chevrolet
(314) 965-0833
1000 N Kirkwood Road
Saint Louis, MO
Services
SUV Repair,Truck Service Station,Auto Dealers

Carhop Auto Sales
(314) 423-2344
9601 Saint Charles Rock Rd
Overland, MO

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Concours West Auto Sales
(314) 647-2900
7212 Manchester Rd
Saint Louis, MO

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Luxury Auto
(314) 426-5570
3016 Woodson Rd
Overland, MO

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Elite Motor Sports
(314) 644-1177
2158 Mccausland Ave
St Louis, MO

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Piggy's Pre Owned
(314) 781-5420
6935 Manchester Ave
St Louis, MO

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Raul's Auto Sales
(636) 940-8300
9628 Saint Charles Rock Rd
Saint Louis, MO

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O-K Used Cars
(314) 781-1144
6900 Noonan Ave
Saint Louis, MO

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Hollywood Motor Co
(314) 423-0033
9500 Saint Charles Rock Rd
Overland, MO

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Concours Auto Sales
(314) 647-3577
7125 Manchester Ave
St Louis, MO

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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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