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Dealer Wants Car Back - Wants More Money Youngstown OH

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.

Stadium Buick Pontiac and GMC
(330) 332-4683
292 W State Street
Salem, OH
Services
Radiator Repair,Tune up Repair,Truck Dealers,Auto Dealers

Empire Avto
(917) 916-6065
1214 Wilson Avenue
Youngstown, OH
 
Southwood Auto Sales
(330) 788-8822
5334 South Ave
Youngstown, OH

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Taylor's Auto Sales
(330) 740-0300
2080 Mccartney Rd
Youngstown, OH

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Boardman Car Co Inc
(330) 758-8214
135 Boardman Poland Rd
Youngstown, OH

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Farless Used Cars
(330) 743-6906
1010 Market St
Youngstown, OH

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B&E AUTOMOTIVE SPECIALISTS& CAR SALES
(330) 799-2478
168 S MERIDIAN RD
YOUNGSTOWN, OH
 
Begalla William S.DDStiatty
(330) 726-1880
7381 California Ave Ste B
Youngstown, OH

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Family Auto Sales
(330) 743-8543
828 Wick Ave
Youngstown, OH

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Mc Cartney Auto Sales Inc
(330) 747-3871
45 McCartney Rd
Campbell, OH

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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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