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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.

taller el meño
(928) 202-5697
san luis mx
san luis rio colorado, OO
Hours
24

Los Pinos
(602) 973-1818
5324 N 27th Ave
Phoenix, AZ

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Sunset Ford, Inc
(623) 977-8888
9130 W. Bell Rd.
Peoria, AZ
 
Arrowhead Harley-Davidson
(623) 247-5542
16130 N. Arrowhead Fntn Ctr Dr.
Peoria, AZ
 
Biddulph Mazda
(623) 933-3900
8424 W. Bell Rd.
Peoria, AZ
 
Scottsdale Lexus
(480) 990-7000
6905 E McDowell Rd
Scottsdale, AZ
Hours
Monday - Friday 9am-7pmSaturday 9am-6pmSunday noon-5pmService Hours Mon-Fri 7am-6pm

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Power Collision Ctr
(480) 949-9292
6427 E Thomas Rd
Scottsdale, AZ

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Dynamite Auto Sales Inc
(602) 528-0848
1934 E Van Buren St
Phoenix, AZ

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Rex & Sons Investments
(602) 424-9009
310 E Dunlap Ave
Phoenix, AZ

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Bell Lexus
(602) 866-3300
1901 E Bell Rd
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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