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Dealer Wants Car Back - Wants More Money Southaven MS

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.

Landers Ford
(901) 854-3673
2082 W Poplar
Collierville, TN
Services
SUV Repair,Truck Auto Body,Auto Dealers

Car Market
(662) 342-2200
8580 Hwy 51 N
Southaven, MS

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Kingdom Kars
(901) 344-7882
1829 E Brooks Rd
Memphis, TN

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It's All Good Auto Sales
(901) 345-9080
2944 S 3rd St
Memphis, TN

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Homer Skelton Hyundai
(662) 890-0100
8145 New Craft Rd
Olive Branch, MS

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Landers Ford Lincoln Mercury of Memphis
(901) 854-3600
2082 West Poplar Avenue
Collierville, TN
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Safeway Auto Sales
(662) 342-1371
7040 Hwy 51 N
Horn Lake, MS

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Memphis Autoplex
(901) 396-9650
1635 Winchester Rd
Memphis, TN

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A 1 Auto and Truck Center
(901) 794-1311
3902 Lamar Ave
Memphis, TN

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Heaven Sent Cars
(901) 775-9065
2280 Elvis Presley Blvd
Memphis, TN

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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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