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Dealer Wants Car Back - Wants More Money Somerton AZ

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.

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Liberty Used Auto Sales
(602) 943-1188
5095 W Camelback Rd
Phoenix, AZ

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America's Best Chance Auto
(602) 424-8981
5240 S Central Ave
Phoenix, AZ

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America Auto Motriz
(602) 275-2158
3102 E Van Buren St
Phoenix, AZ

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El Compita Auto Sales
(602) 252-3530
1332 Grand Ave
Phoenix, AZ

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Luxury For Less Auto Sales
(480) 816-2277
11873 N Saguaro Blvd
Fountain Hills, AZ

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Babbitt Ford Lincoln Mercury
(928) 774-5063
11 N Verde
Flagstaff, AZ
 
Fantasy Auto Sales Inc
(602) 997-6056
9102 N 7th St
Phoenix, AZ

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K&A General Contracting
(480) 440-7487
500 S Page Springs RD
Cornville, AZ
 
Sanderson Lincoln/Mercury
(602) 375-7500
2121 West Bell Road
Phoenix, AZ
 
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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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