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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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Abe's Car Sales
(520) 398-7337
5160 S 12TH Ave
Tucson, AZ

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Knourek Auto Sales
(480) 968-0804
1045 E Curry Rd
Tempe, AZ

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Sands West
(623) 932-2730
1321 N Dysart Rd
Avondale, AZ

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Drive Today Auto Sales
(480) 615-0335
520 W Main St
Mesa, AZ

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Discount Auto
(480) 649-5363
506 W Broadway Rd
Mesa, AZ

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C & F Auto Repair
(520) 620-0741
947 S 6th Ave
Tucson, AZ

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Option Title Svc
(520) 628-7045
1351 S 6th Ave
Tucson, AZ

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Kwik Cash For Cars
(602) 225-6006
2822 E Greenway Rd
Phoenix, AZ

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Mesa Reconditioning
(480) 615-1179
526 S Drew St
Mesa, 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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