Complaint Review: C.N.A.C. / JD BYRIDER

"You still have an outstanding balance and they want to be paid back."

Ive seen finance mangers acually jailed for this. This is called fraudulent conversion of a motor vehicle. There is no balance because you took possession of a vehicle. You waived your rights to payment becasue the car is being resold on the lot. Two contracts cant exist on the same VIN number. Also depending on the state you can be charged with VIN fraud. You voided the contract when you repo'ed. Ask any judge. The original poster can find out who owns the vehicle, track them down and give a copy of their contract to the police. Take a photo of the car on thier selling lot if it hasnt been resold. Then submitt that to the local police department. Write up a complaint saying they are writing multiple contracts on the same good. They can charge the company with a 3rd degree felony plus identity fraud. If this isnt English yet for you, 2 people cant pay on the same goods and services. Its called conversion theft and you will go to jail. Ask your self this? Is a repossession really worth going to jail for?

"How exactly were you ripped off? "

You have a serious issue on your hands and I would not treat it as a joke. Not only you charged them 3 times a price of a car, you didnt stand behind your end of the agreement, which is an insult becasue the borrow payed above and beyond.

 "You were the one who borrowed money and never repaid it." And you never performed your end of the obligations. Which actually occured first!

 "Maybe CNAC should file a Ripoff Report on YOU!"

Grow up. Your suppose to represent an organization. The posters complaint is completely legit and your counter is not it actually exposed you to some felony charges.

The contract you had to sign in closing stated that there is no option for voluntary reposession. This is a zero tolerance, last chance credit company that knows many of it's customers have trouble paying their bills on time (that's why the customers have no choice but to use them.) They do this for their own protection, the majority of their customers have huge credit problems and are deemed unreliable by other companies. Would you go to Hannibal's house with nothing but a butter knife? No. They make an iron clad, incredibly strict contract because there are people that say, "oh, I just don't want it anymore." Just because you don't want it doesn't mean the debt will be forgiven, and if you read the contract you signed, you'd know. Plus, in the contract, there's a clause that if you bring your car to repair the same issue three times, you get a different car on the lot. But, again, that's something in the contract you were assumed to have read before you signed.

From what I gather, you bought a car from JD Byrider and at some point it developed mechanical problems.  Instead of fixing the car, you abandoned it and subsequently CNAC repossessed it.  You still have an outstanding balance and they want to be paid back.

The key bit of information that you have to consider when dealing with any "finance" company is knowing your own situation.  CNAC has a very strict payment policy for a reason.  They deal in a very bad "sub-prime" consumer market.  That means that 85%, or more, of their customer base can not get approved financing from another lender.  They finance people with bad credit and bankruptcy.  They have to protect themselves by ensuring they have a very strict payment policy.  I see all the time that people complain about buying a car from a company and they were overcharged.  Well, if you knew your buying power, then you would never be over charged.  If you have to go to a car dealership that does self financing then maybe you should get all of your other affairs in order (i.e. credit) before purchasing a vehicle.  If you "need" a car and have to go to a "self financing" car dealership, then you just have to deal with the policies.  Now, obviously, they shouldn't be taking items from your vehicle or holding your house keys for a weekend, but you signed the contract.  It states they have no tolerance for late payments.  You have to deal with it.  Prioritize your life and become a better money manager, that's the key to success consumer purchases.  Oh, and in regards to it being open on your credit report, if you still owe them a balance, even if it was charged off, it is still going to show on your credit report as open.  Good luck.