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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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Indy Jones Motors
(317) 782-3661
3485 Shelby St
Indianapolis, IN

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Olds Inc Commercial Drapery
(317) 257-2450
846 N Senate Ave
Indianapolis, IN

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V & V Auto Sales
(219) 984-9966
310 W 2nd St
Reynolds, IN

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Bart's Car Store Inc
(260) 435-1824
5510 Illinois Rd
Fort Wayne, IN

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Javis Auto Sales
(260) 894-9008
5322 W Us Highway 6 Unit 2
Wawaka, IN

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

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Coast To Coast Auto Sales
(317) 596-9500
9200 E 131st St
Fishers, IN

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Coastline Classics
(574) 271-7077
14911 State Rd 23
Granger, IN

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J & K Auto Sales,
(708) 407-0895
4425 Broadway Ave.
Gary, IN
Car Makes
All
Hours
By Appointment
Prices and/or Promotions
$200.00 over costs

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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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