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Dealer Wants Car Back - Wants More Money Terre Haute IN

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.

Professional Transportation Inc.
(317) 709-6566
5552 West 29th Place
Evansville, IN

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Gates Toyota/Scion-South Bend
(574) 299-7400
640 W Ireland Rd
South Bend, IN

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Used Car Factory
(317) 783-9292
3750 Madison Ave
Indianapolis, IN

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Finsters Auto Sales
(765) 552-1403
516 N Anderson St
Elwood, IN

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Karmic Wheels Inc
(219) 763-9600
5467 United States Highway 6 # US
Portage, IN

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Duke Golds Speedway Mazda Subaru Volkswagon Body SHO
(317) 263-0002
1930 W 16th St
Indianapolis, IN

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Indy Auto Brokers South
(317) 783-3100
3030 Madison Ave
Indianapolis, IN

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Concord Cars
(800) 297-9720
50792 State Route 933
South Bend, IN
Car Makes
All Pre-owned Makes and Models
Hours
Mon,Tues,Thurs 8-7pm Wed, Fri 8-6pm Sat 8-3pm
Prices and/or Promotions
Always Easy to Buy a Vehicle

Premier Motorcars Of Europe
(317) 733-9636
5008 W 96th St
Indianapolis, IN

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Carmel Motorsports
(317) 818-9977
3400 E 96th St
Indianapolis, IN

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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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