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Dealer Wants Car Back - Wants More Money Saint Peters 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

Lou Fusz Used Cars
(636) 397-2000
5120 N Service Rd
Saint Peters, MO

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Geoff Rogers Motors
(636) 928-2277
8116 Veterans Memorial Pkwy
Saint Peters, MO

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Killian Auto Sales & Repair
(636) 928-8840
4508 Parktowne Dr
Saint Charles, MO

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Classic Motors
(636) 561-1571
5520 Westwood Dr
Saint Charles, MO

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Richardson Towing
(636) 244-2642
105 PARK CHARLES BLVD S
ST PETERS, MO
 
Behlman Lotus
(636) 397-2700
5160 N Service Rd
Saint Peters, MO

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St Charles Automotive
(314) 497-1131
5625 Veterans Memorial Drive
SAINT PETERS, MO
 
Ici Auto Sales
(636) 329-8895
5777 Westwood Dr
Weldon Spring, MO

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Crown Auto Sales
(636) 300-1400
5520 Westwood Dr
Saint Charles, 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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