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Dealer Wants Car Back - Wants More Money Salem VA

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.

Rod Shop Inc 2
(540) 387-3700
1145 E Main St
Salem, VA

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Henry's Auto & Trailer Sales
(540) 362-5109
4231 Williamson Rd NW
Roanoke, VA

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Virginia Auto Inc
(540) 366-2773
2704 Williamson Rd NW
Roanoke, VA

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Bill's Auto Sales
(540) 344-9479
804 Tazewell Ave SE
Roanoke, VA

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College Motors Inc
(540) 953-2070
1604 S Main St
Blacksburg, VA

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Freedom Auto Sales
(540) 387-0001
610 West 4th Street
Salem, VA
 
Wheels Inc
(540) 362-8828
6626 Williamson Rd
Roanoke, VA

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Berglund Credit Line Used
(540) 343-4317
2016 Williamson Rd NE
Roanoke, VA

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College Motors
(800) 433-3243
3611 Mccoy Rd
Blacksburg, VA

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Fairfax Autobody
(703) 273-1850
9610 Lee Highway
Fairfax, VA
Services
Collision Repair,Auto Dealers

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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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