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Dealer Wants Car Back - Wants More Money Saint Paul MN

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.

Import Auto Enterprises
(651) 225-9699
830 Robert St S Ste 2
Saint Paul, MN

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Earl Street Auto Sales
(651) 771-5031
803 Earl St
Saint Paul, MN

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University Auto Sales
(651) 644-5600
2250 University Ave W
Saint Paul, MN

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Motors 88 Inc
(612) 866-3114
2500 Highway 88 Suite 123
St. Anthony Village, MN
Car Makes
Used
Hours
10-5 Mon thru Sat

Interstate Companies, Inc.& Subsidiaries
(952) 854-2044
2601 American Blvd. East
Minneapolis, MN
 
Heartland Auto Sales
(651) 793-5125
1236 Arcade St
Saint Paul, MN

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Avenue Motor Sales
(651) 646-8347
938 University Ave W
Saint Paul, MN

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120 Autos
(651) 787-9700
4747 Geneva Ave N Ste 3
St Paul, MN

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Automobile Giants
(612) 789-0474
3650 Central Ave NE
Minneapolis, MN

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Wernet Enterprises Inc
(651) 457-1613
7375 Concord Blvd
Inver Grove Heights, MN

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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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