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Dealer Wants Car Back - Wants More Money Waynesboro VA

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.

Jand J Trucl and Auto Sales
(540) 943-4504
801 East Main Street
Waynesboro, VA
 
Phillips Mercedes Benz
(757) 499-3771
4949 Virginia Beach Blvd.
Virginia Beach, VA
Services
Mobile Auto Repair,Used Car Dealers,Auto Dealers

Fairfax Autobody
(703) 273-1850
9610 Lee Highway
Fairfax, VA
Services
Collision Repair,Auto Dealers

Charles Barker Automotive
(757) 234-6000
12831 Jefferson Avenue
Newport News, VA
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Auto Body,Tune up Repair,Used Car Dealers,Auto Dealers

Lustine Toyota
(888) 608-1696
14227 Jefferson Davis Hwy
Woodbridge, VA
Services
Auto Parts,Auto Repair,Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Kiser Auto Sales Inc
(540) 337-5315
2678 Stuarts Draft Hwy
Stuarts Draft, VA

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Colonial Ford Sterling Isuzu
(804) 232-3492
1833 Commerce Road
Richmond, VA
Services
Retail Tire,Trailer Repair,Truck Parts,Van Dealers,Auto Dealers

Quinn Chrysler Dodge Jeep
(804) 843-2555
RR 33
West Point, VA
Services
Fuel Injection Repair,Radiator Repair,SUV Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Shelor Motor Mile
(540) 382-2981
2257 Roanoke St
Christiansburg, VA
Services
Auto Repair,Clutch Repair,Truck Dealers,Used Car Dealers,Auto Dealers

Duke Chevrolet Oldsmobile Pontiac Buick Cadillac
(800) 734-1129
2016 Main Street
Suffolk, VA
Services
Clutch Repair,Truck Dealers,Used Car Dealers,Auto Dealers

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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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