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Dealer Wants Car Back - Wants More Money Springfield MO

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.

Reliable Superstore
(417) 889-9000
3521 E Sunshine Street
Springfield, MO
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Truck Auto Body,Tune up Repair,Auto Dealers

College Street Car Sales Incorporated
(800) 433-3243
2600 W College Rd
Springfield, MO

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Payless Auto Paint and Supplies
(417) 865-0226
2904 W Chestnut Expy
Springfield, MO

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Barker'S Frame & Collision
(417) 864-7872
3649 W Chestnut Expy
Springfield, MO
 
Autorom.com
(417) 882-8124
3389 S Scenic Ave Ste A
Springfield, MO

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Youngblood Chrysler
(417) 882-3838
3525 S Campbell Ave
Springfield, MO

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Sunshine Auto Repair Service
(417) 881-2434
2754 W Sunshine
Springfield, MO
 
Springfield Brake Co
(417) 862-9233
1225 E Trafficway St
Springfield, MO
 
Rick'S Automotive, Inc
(417) 887-2225
2121 S Campbell Av
Springfield, MO
 
Five Star Motor Co
(417) 873-9555
660 S Glenstone Ave
Springfield, MO

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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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