Complaint Review: JD Byrider/CNAC FINANCE

 My family purchased a vehicle from JD Byrider from the Salt Lake City Location about a year and a half ago. This complaint has nothing to do with the fact that they over charge for vehicles. I knew that going in. Our credit was not great because we were trying to short sell our home after the market crashed and we moved across country. I did not like how no car has a asking price. They figure that out after reviewing your finances. Then they base the price off how much they can get out of you each month. Its a pretty hard payment to hit every other week, and I make 70k a year. However, I knew all that before I purchased the car. And the car we got has been great and we have never missed a payment. My complaint is that we were told that we could purchase gap insurance through any major insurance company for our vehicle. Finance rep stated that CNAC does not offer gap insurance. Let's not forget, CNAC and JD Byrider are the same company, just operating under different DBA's. The whole session where we were told we coukd purchase gap insurance was recorded ( remember this for later) Well, after calling every major insurance company in the US we were told the same thing. Insurance companies do not sell gap insurance on vehicles they did not finance. The only way to purchase gap insurance is through the lender. So I called CNAC and explained the whole situation.

When they tried to use fancy talk I stated that I would get a lawyer to subpoena the video recording sbowing that we were indeed lied to. I was told that those recordings are erased after 30 days. I call BS on the whole recording thing. Then The representative continued to state that if my car was totalled, I would just be put into another 3 yr loan, and the balance of the totalled car would be added. This is crazy. So if I total my 4000 dollar car out that im paying 13000 for, CNAC is going to collect 4000 from my insurance company, then CNAC is still going to hold me accountable for the other 9K by rolling into another loan. I think that because the finance specialist lied to me, that this loan is Null and Void. I will keep making payments because they at least report monthly to the credit agencies. But ppl, do not settle for JD Byrider until you are out of options. A month after we signed all the paper work I talked to the finance dept at a local Mazda dealer and was told he could have got me the same vehicle on a loan with interest for 3800.00 from a traditional bank, even with our credit. Renember, as much as CNAC stated they are a bank, they are not. They are nothing more than in house financing. Are they FDIC Insured? Id guess not. So, take it from my mistake and search your options before being hoodwinked.