JD ByRyder ripoff Providence Rhode Island
Dear Mam/Sir:
I was told over the phone that it cost too much to mail me my receipts from payments on my vehicle from JD ByRyder. I get the mail that has a reminder about my payments. I spoke with JD ByRyder not too long ago and they told me that my receipts were sent to me via U.S. Mail. I haven't gotten a receipt since I was in RI and made a payment in person back in August 2005. They call me house constantly if I am a day late with my payment, but as always when it's a problem on part of the agency, they sit back and take their time about fixing the problem. My receipts show when my next payments are due as well as show what my balance is. I know that I have a little less than a year to pay this off; but, it seems like they are trying mess me around on this. In 2003 I paid my bill five months in advance; two months before it was time to make my next payment after five months the truck broke down and was in the shop for two months. I made my payments on time and when I got the receipts my balance stayed the same for the next payment or two after I had paid five months in advance. When I asked about it I was told that interest accrued in the five months. That's bull; how can interest be added on if the bill is paid and my receipt states that the next payment was due five months later? I have all of my receipts with the exception of the receipts I didn't get in the past. I have copies of all of my cancelled checks and the receipts from when I wired my payments. It's like what their agency did to me last year is like saying if I pay off this loan today they will charge me interest until the original pay off date.
Lemuel
Cc: JD ByRyder
Better Business Bureau
Legal Counsel
Channel Ten
Lemuel
Portsmouth, Virginia
U.S.A.
2 Updates & Rebuttals
Steve
Bradenton,Florida,
U.S.A.
You have a prepayment penalty clause in your contract.
#3Consumer Suggestion
Mon, November 28, 2005
Almost any car dealer thats buy here pay here is a rip off. Thats the only reason they are in business, to finance those who cannot get bank financing.
People really need to thoroughly read, and question any financing contract BEFORE signing it. Most people do not do that, and it really amazes me.
JD Byrider is just the new name for ugly duckling or one of those that got such a bad reputation they had to close.
Good luck!
Ken
Randolph,Massachusetts,
U.S.A.
Interest Accrual
#3Consumer Comment
Mon, November 28, 2005
I am not entirely clear what you are trying to say here, but I can tell you that as long as you have a balance on a loan, interest continues to accrue. The fact that you are paid ahead doesn't stop interest, it just means that interest is calculated against a lower balance.
One other thing, on many loans, even if you overpay on a given month, you still have to make a payment on the next month. Your loan will end sooner, and you will pay less in total interest, but you are still obliged to pay every month. I don't know what your situation with them is.