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Dealer Wants Car Back - Wants More Money Stanwood WA

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.

Karmart Express
(360) 657-3300
9302 State Ave
Marysville, WA

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Louis Auto Glass III, Inc
(360) 424-9759
1721 E College Way
Mt. Vernon, WA
 
Frank's Window Tinting
(360) 334-7973
2915 Broadway
Everett, WA
Car Makes
Window Tinting, Auto Tint, Commercial Window Tint, Car Windows Tint, Window Tinting Service

Dent Destroyer, Inc.
(425) 258-5412
P.O. Box 2986
Seattle, WA
 
Courtesy Auto Group
(360) 385-0145
14082 Airport Cut-off Road
Port Townsend, WA
 
Car City
(360) 386-9716
9310 State Ave
Marysville, WA

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Motor City
(360) 416-4995
17866 State Route 536
Mount Vernon, WA

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Good Guys Car Store
(425) 257-1280
3030 Rucker Ave
Everett, WA

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David Sullivan Jefferson County Commissioner
(360) 385-9103
Post Office Box 1220
Port Townsend, WA
 
Karmichael Auto Salon
(425) 493-1550
11400 Mukilteo Speedway Bldg. B
Mukilteo, WA
 
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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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