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Dealer Wants Car Back - Wants More Money Yuma AZ

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.

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Shine On Mobile Detail Company
(480) 332-5955
925 W Baseline Rd
Tempe, AZ
 
Royo Auto Solutions
(602) 275-7696
2328 E Van Buren St
Phoenix, AZ

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Fredrik's Auto
(602) 286-6200
101 N 24th St
Phoenix, AZ

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Payless Car Sales
(480) 354-7772
10111 E Apache Trl
Apache Junction, AZ

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Latty & Sons
(602) 231-9102
2441 E Madison St
Phoenix, AZ

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Auto X-Change
(480) 835-7777
1933 E Main St
Mesa, AZ

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Sedona Off-Road Center
(928) 282-5599
211 State Route
Sedona, AZ
 
Gallegos Auto Sales
(520) 623-0055
750 E Broadway Blvd
Tucson, AZ

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Mirage Auto Sales
(602) 765-3085
13001 N Cave Creek Rd Ste B
Phoenix, AZ

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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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