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Dealer Wants Car Back - Wants More Money Salem OR

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.

Good Cars For People
(503) 581-6840
1488 Broadway St NE
Salem, OR

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Auto Sports Of Oregon
(503) 362-2277
1092 Broadway St NE
Salem, OR

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Rino Recovery
(503) 315-2011
5875 Gaffin Rd SE
Salem, OR

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Jessie & Sons
(503) 371-6899
1190 Capitol St Ne
Salem, OR

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Rich's Xtreme Auto
(503) 371-0017
505 Pine St NE
Salem, OR

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Power Auto Credit Dept
(503) 362-1273
3248 Market St NE
Salem, OR

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Delon Downtown Auto Ctr 745
(503) 370-7990
750 Commercial St Ne
Salem, OR

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K & L Auto Sales
(503) 391-6309
2175 Fairgrounds Rd NE
Salem, OR

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Just A Good Car Lot
(503) 540-0009
1640 Capitol St NE
Salem, OR

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Hawthorne Auto Sales
(503) 485-2999
1477 Hawthorne Ave NE
Salem, OR

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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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