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Dealer Wants Car Back - Wants More Money Wailuku HI

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.

Beach Road Auto
(808) 244-9879
1322 Lower Main St
Wailuku, HI
 
Cutter Family Auto Centers
(808) 442-9450
237 Dairy Rd
Wailuku, HI
 
Honda Shufflo S
(808) 244-3538
548 Pio Dr
Wailuku, HI
 
Honda Nadao
(808) 244-0479
181 Nakoa Dr
Wailuku, HI
 
Servco Maui
(808) 564-1800
445 Kele St
Kahului, HI

Data Provided by:
Auto -Tech Maui Inc
(808) 244-9069
1720 Wili Pa Loop
Wailuku, HI
 
Furomotors Used Cars
(808) 244-3766
1726 Mill St Ste B
Wailuku, HI
 
Honda Kikuo
(808) 244-0817
589 Pio Dr
Wailuku, HI
 
Universal Motors Llc
(808) 298-6560
1960 Main St
Wailuku, HI
 
Star Auto Glass Tinting And Detailing
(808) 661-3430
908 Hokeo Pl
Lahaina, HI
 
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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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