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Dealer Wants Car Back - Wants More Money Storrs Mansfield CT

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.

Bolles Chrysler Dodge Jeep
(860) 684-8888
121 West Stafford Road
Stafford Springs, CT
Services
Auto Repair,Van Dealers,Used Car Dealers,Auto Dealers

StangShop LLC
(860) 450-8463
478 Bass Rd
Scotland, CT
 
Moore's Automotive
(860) 872-2024
1246 Hartford Tpke
Vernon, CT

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Fast-Go Service & Auto Center
(860) 643-1957
275 Main St
Manchester, CT

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Frank's Auto Credit
(860) 649-3000
285 Broad St
Manchester, CT

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Day Garage
(860) 290-5349
56 Mascolo Road
South Windsor, CT
Services
Truck Auto Body,Truck Dealers,Used Truck Dealers,Auto Dealers

Martino Auto Sales Llc
(860) 871-7779
53 1/2 Windsor Ave
Vernon, CT

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Vernon Motor Cars
(860) 871-9057
13 Windsor Ave
Vernon Rockville, CT

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Frank's Auto Credit
(860) 649-3000
285 Broad Street
Manchester, CT
 
Colonial Auto Sales
(860) 749-2811
160 Main St
Somers, CT

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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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