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Dealer Wants Car Back - Wants More Money Sun City 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.

Saturn of West Phoenix
(623) 875-4000
8801 W. Bell
Peoria, AZ
 
arizona desert champions motor sport
(623) 875-5887
11925 NW Grand Ave
El Mirage, AZ

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Moore Chrysler/Jeep
(623) 972-6004
8600 W. Bell
Peoria, AZ
 
Arrowhead Harley-Davidson
(623) 247-5542
16130 N. Arrowhead Fntn Ctr Dr.
Peoria, AZ
 
Peoria Nissan
(623) 815-5600
9151 W. Bell Rd
Peoria, AZ
 
Arrowhead Lexus
(623) 872-4000
9238 W Bell Rd
Peoria, AZ

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Larry Miller Hyundai
(623) 815-4500
8633 W. Bell
Peoria, AZ
 
Bell Lexus
(602) 866-3300
9238 W. Bell Rd.
Peoria, AZ
 
Mercedes-Benz of Arrowhead
(623) 583-7200
9260 W. Bell
Peoria, AZ
 
Acura of Peoria
(602) 486-0392
9190 W. Bell Rd.
Phoenix, 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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