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Dealer Wants Car Back - Wants More Money Tulsa OK

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.

Classic Chevrolet Inc
(918) 272-1101
8501 N Owasso Expressway
Owasso, OK
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Clay's Motor Co
(918) 834-1265
4507 E 11th St
Tulsa, OK

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Auto Brokers & Associates
(918) 660-8764
4834 S 83rd East Ave
Tulsa, OK

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Pro Touch Auto Sales
(918) 439-7448
12843 E 11th St
Tulsa, OK

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Affordable Automotive
(918) 279-1250
10151 S State Highway 51
Broken Arrow, OK

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Triple J Auto Ranch
(918) 834-0100
5121 E 11th St
Tulsa, OK

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Credit World Auto Sales
(918) 832-7667
8102 E 11th St
Tulsa, OK

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El Dorado Motors Svc Dept
(918) 624-6131
3900 S Memorial Dr
Tulsa, OK

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Rocket Motors
(918) 486-5688
10171 S State Hwy 51
Broken Arrow, OK

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4 A Auto Sales
(918) 371-9696
117 N 19th St
Collinsville, OK

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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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