JD Byrider Grossly inflated loan - 3x the worth of the vehicle Springdale Arkansas
Feeling like an adult, my boyfriend and I decided to trade in our clunker car for a dependable one to get us from A to B. We went to JD Byrider where the staff ignored us until they realized we were serious about purchasing a used vehicle from them. We were only given one option, a 2005 PONTIAC Vibe with 93,000 miles on it, priced at 13,000. Upon arriving home, we did our research about our new car only to find that we paid at least 3 times the amount of what the car was worth. This doesn't include the APR price as well, which is at 18,000. We went there today to see if it was possible to null and void our contract and to receive my clunker back - they can keep the down payment of $200. We tried to no avail. They basically said that because we signed the contract, there was nothing they would do. We purchased the car on 12/1/2016 and have been up there twice since then on 12/2/2016 (already having issues with the car) and again today, 12/3/2016 to discuss their unethical loan rates. We walked in there desperate and walked out even worse. Insurance doesn't cover more than the car is worth, and we are 3x past that amount. Do not buy from JD Byrider. We are not giving up and we will fight.
1 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
USA
Why did you buy the vehicle?
#2Consumer Comment
Sun, December 04, 2016
There are so many red flags with your post. First, why in the world would you go to JD Byrider? That was your first mistake. Secondly, when an auto dealer only offers you one vehicle to buy, it is time to turn around and walk out because they are getting ready to rip you off. You are the consumer, you get to choose your own vehicle to purchase. Naturally, it depends on your budget, your income, your debt and your credit.
JD Byrider caters to buyers that have bad credit so they charge more for the vehicle + a higher interest rate because the clientele are risky borrowers. It is up to the consumer (you) to walk out before signing when presented with a bad deal. You signed the contract so you are stuck with its terms. You can mitigate the amount due by following the solution below.
Solution: if you have a warranty on the vehicle, cancel it and have the credit applied to your loan so the balance is reduced. This credit should be substantial. If you have good credit or even average credit, then refinance your vehicle. This will reduce your monthly payment and the total interest due and get you away from JD Byrider. If you are still upside down and can't refinance, do what you have to do to get a lump sum together so you can pay down the loan to refinance it.
Next time, don't go to a subprime dealership. They rip off everyone, it is their business model. Research how to properly buy a vehicle before you run out and buy one. For goodness sakes, don't let this one get repossessed or you will be stuck with sub-prime dealerships for a long, long time.