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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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Hoosier Auto Sales
(317) 781-2882
4020 Madison Ave
Indianapolis, IN

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Indiana Auto Credit
(317) 635-8179
1603 E Washington St
Indianapolis, IN

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Carmel Car Sales
(317) 575-6344
151 S Range Line Rd
Carmel, IN

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

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Motorama Inc
(317) 831-0036
1271 S Old State Road 67
Mooresville, IN

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Westfield Motor Sales
(317) 770-9750
1120 Vine St
Noblesville, IN

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Cotton Car Co
(260) 356-0661
1881 Old US Hwy 24
Huntington, IN

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CHIP FIX
(317) 506-7470
P.O. Box 132
Carmel, IN
 
Colossus Trading Llc
(317) 844-5844
1085 3rd Ave SW
Carmel, 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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