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Dealer Wants Car Back - Wants More Money Wallingford CT

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.

Crowley R V
(860) 261-3050
9 Barber Street
Bristol, CT
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RV and Camper Repair,Auto Dealers,RV and Camper Dealers

State Auto Sales Inc
(203) 440-9680
333 S Broad St
Meriden, CT

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Good Guys Auto House Llc
(860) 410-1909
1103 Queen St # 3
Southington, CT

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Ms. Motorcars
(203) 530-5037
40 Foxon Hill Rd
New Haven, CT
 
Mancini Auto Sales
(203) 754-5576
500 Meriden Rd
Waterbury, CT

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A To Z Used Cars
(203) 265-9230
21 Central Grand Ave
Wallingford, CT

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Auto Sales & Svc Of Durham Llc
(860) 349-0684
13 Middlefield Rd
Durham, CT

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Mc Creary Auto Sales
(203) 752-9757
1089 Dixwell Ave
Hamden, CT

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Credit King Automotive
(203) 574-4799
184 Kukas Ln
Waterbury, CT

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Tony's Auto Sales
(203) 753-0151
815 Hamilton Ave
Waterbury, CT

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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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