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Dealer Wants Car Back - Wants More Money Winsted 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
Services
RV and Camper Repair,Auto Dealers,RV and Camper Dealers

Cahill's Motor Cars
(860) 653-0840
360 Salmon Brook St
Granby, CT

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Country Auto Sales
(413) 569-2186
532 College Hwy
Southwick, MA

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Edwards Driving School, Inc.
(860) 242-1773
116 Cottage Grove Road
Bloomfield, CT

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Bloomfield Garage, Inc.
(860) 243-1706
689 Park Avenue
Bloomfield, CT

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Torrington Toyota
(860) 482-9496
1472 E Main St
Torrington, CT

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Autos Of Connecticut North Inc
(860) 653-7522
541 Salmon Brook St
Granby, CT

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Grist Mill Motors
(413) 569-1004
622 College Hwy
Southwick, MA

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Walt's Auto Sales
(413) 569-2222
483 College Hwy
Southwick, MA

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Day Garage
(860) 290-5349
56 Mascolo Road
South Windsor, CT
Services
Truck Auto Body,Truck Dealers,Used Truck 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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