Complaint Review: C.N.A.C./JD BYRIDER - akron Ohio

You were being called because they are a Sub-Prime lender and are more aggressive.  The reason you are with them does not matter in the real world.  Unfortunately Credit Report and Scores don't account for every day occurrences, and yes house fires and health issues are every day occurrences.  Does this suck..yes, but it is your choice if you want to turn yourself into a "victim" or not.

You didn't mention your new lender, but you may want to search this site for them and see how they are.  Since you were only a year into this loan most likely you are still in the Sub-Prime category, and have another sub-prime lender.  Many of the complaints on these lenders deal with people not paying their payment consistently. 

While you may not be getting calls on the due date, you are still being assessed additional interest if you are paying after that.  Because these sub-prime loans rarely, if ever, have grace periods.  All of this is in the loan agreement you signed.

When you leave this car, they will consider that a voluntary repo.  A voluntary repo is the exact same as if they had come and got the car.  As such they will sell it at auction for a fraction of the value.  You are still responsible for the loan balance.  If you don't pay it they could eventually sue you.  This is all very legal, and no different than any other financing company would do.  Had you paid this loan on-time through the end of the term it would have helped your credit.  But as long as you have the Repo and a Judgment on your record you can forget about a house.  Sorry, but that is the "real world" you now have to deal with.

Not every american as perfect credit.  I have a wife that at the age of 31 had to have open heart surgery, then a pacemaker put in, and prior to that had a house fire and lost everything so yeah my credit is a little messed up however I am trying so why don't you go fly a kite.  I don't want anyones sympathy i am just saying i live in a real world.  I like alot of people in america scrape by day to day.  I made my payments and for the record mr know it all they never once told me that there was no grace period.  They also were calling me on the day my payment was due at work and telling me my payment was due and if i would be in.  I have since got another vehicle from a reputable company and all is good as far as that goes however i am sitting on this car from jd byrider.  I am however going to take the car back to them and leave it in there parking lot and let it flow.  Obviously you have never had to deal with this company and have lived life with a silver spoon in your mouth so good for you.  Hope you run into a situation where you become a victim sometime and know what it is like!!!!!  And obviously I am not the only person who has run into this situation with them and that is why there are so many complaints all over the internet so I guess I am not alone. 

Legitimate banks will only make a loan on 80% of a used cars book value. There's a reason for that. It protects the bank and the consumer from getting screwed. JD Byrider, on the other hand, finances their own cars. They will gladly finance 400% of the book value. Why? Because they can. They count on there being enough desperate, uninformed and vulnerable people to fall for the ruse. If a buyer gets their car repoed JD just sells it for auction price (what JD originally paid for it) and takes a tax writeoff for the balance. Very profitable. Granted, charging a higher interest for a subprime borrower is logical and ethical but gouging on the cars price is not. What would you do if you had a secured Visa card and went into a store only to find that they doubled or tripled the prices of their goods if you had a secured credit card. You'd walk out.

You need to to do the same for JD.

You had to go to this dealership because YOU are a sub-prime borrower.  YOU made yourself a sub-prime borrower by not paying YOUR BILLS on time.  Now that we have established that FACT, lets look at a few other points you make...

1.  You agreed to make every payment on time, every time...on or before the due date, not one or two days late.  You get all upset because they call you.  Of course they will!

2.  There is no grace period and that is exactly what you agreed to when you signed the contract.  Did you read it?

3. Because you made yourself a sub-prime borrower your interest rate is higher than a person with good credit.  When you make the payments, interest is paid at the beginning of the contract period.  Because the interest is so high (which you agreed to), the balance will go down slower.  Late fees which you have apparently have been racking up are a factor too.  This is a fact of life for any car loan.

4. I know you haven't a clue about finance, (maybe its time to start learning), but taking the car back isn't going to hurt them a bit.  It will be a voluntary reposession and carry all the effects of an involuntary repo.  Who's it going to hurt?  Guess who?

You have a history of bad credit.  In the past, you haven't paid your bills on time.  It seems like this is habitual with you.  Why not turn over a "new leaf" and learn the required discipline to do the responsible thing.  In time, your credit will improve and you won't be sub-prime anymore.