Ed
Orlando,#2Consumer Comment
Wed, August 25, 2004
I just want to say I purchased a car from them, and I am a car salesman. Due to unfortunate circumstances, my credit score was 475. My finance department was having a problem getting me approved, because I am a car salesman. They needed a large down payment. JD Byrider was able to get me financed with a low down payment. Sure I bought a 99 Saturn with 63k miles. Is it my dream car. Absolutely not. But will it give me a start. Well let me say this. In the two months that I have had the car. My credit score has risen 50 points. This is siginificant, because it now puts me in a position to buy a house. Income is not a problem for me, but increasing my credit score was. I have had many people who have bought cars from BUY HERE PAY HERE dealers. And they never get any help. The loan is not reported, and I know of one buy here pay here dealer who was bragging to a friend of mine, on how many times he repoed one car and re sold it. I am not saying J. D. Byrider should be the first choice for anyone, but if all else fails, I would suggest it is a place to start getting your credit back in order. Good Luck,
Robin
Des Moines,#3Consumer Comment
Thu, April 24, 2003
Just because I have had a rough past (ex-husband, divorce, medical problems) and have a less-than-perfect credit rating, does this give this company the lawful right to sell me a "perfect" vehicle that has serious defects (that they obviously knew about, but didn't say anything about), at double the book value? Do they know that eventually they will be repossing the vehicle and making my less-than-perfect credit rating AWFUL? Sure, they do. That is their goal. My husband and I have two small children, we are both in college, and live from paycheck to paycheck. When the lot salesman said that we had "pretty good" credit so we could afford a 99 Voyager, we were thrilled! I gave them the $1000 down and away we went, until the transmission fluid and the antifreeze was completely mixed (it was mixing when we bought it) becuase the radiator had cracked. After $1000 to fix this, the next day the transmission went out completely. It would be another $3000. I did not have this. I took a second job to try to make the payments and buy a couple Christmas presents for my daughters. The company would not make any agreements and repossed the vehicle.
Shellie
Cheyenne,#4Author of original report
Sat, March 01, 2003
Dear Jackie and others that have talked about credit problems. Not all of us have terrible credit problems and such. Did you even consider that maybe we are paying our bills and having trouble saving money to buy a *new* car??? Alot of people don't have the cash on them and the solid credit they need to buy a car from a dealer. If that could be done I would not be driving a car that I hate!! I did have the car inspected. Also, when JD byrider shows a person that has never bought a car before the paperwork they tend to show you the lower price of the car. They do not tell you that after intrest has set in you will be paying a total of 10,000 dollars for a car that is only worth 1500. This is where the rip off is at. I don't mind them making a little bit off the car, and I know that intrest rates will be higher. I also know that this is helping my credit.... BUT! The cars should be in better shape and they should be more upfront and honest about things. They also should not charge so much. If I knew that I was going to be paying a price of 10,000 dollars for a 1993 I would have went and saved 3000 dollars and bought a 1998 Ford that I wanted. JD byrider makes things look good by offering that you only have to pay 199 down. They should not sucker people that are trying to live from paycheck to paycheck wether they have good or bad credit, or a good down payment. I called them not to long ago just to see what they would say about me trading in the car I bought from them for something I wanted. They said I would have to start all over with them. Why can't they be like other dealers and give a price break?
Jackie
Orlando,#5Consumer Comment
Wed, February 19, 2003
I hear what everyone is saying about J.D. Byrider being a rip-off, however consider this: The clientele that this company does business with are not always the most dependable people. Customers come in with all types of situations. I've seen people come in and havn't paid ANYBODY. They're cable, credit cards, utility, previous autos, medical, and checks have all been outstanding. They come to because they have proven that they are credit untrustworthy. If we happen to give them a vehicle, it should be a blessing. NOBODY else will approve the clients, but we do. You would hope people would know that just like they didn't pay others they don't pay us. Granted, the cars are more expensive than you could get somewhere else, but because of the charge-off margin. For example, if you were at an electronics store that was consistently being ripped off, the prices would go up. As for the interest rate, it's the cost of borrowing money because of their risk. Are people suggesting that they get the same rates as the good paying customers. People with good credit would then not have a lot of incentive, would they. I guarantee that the people who complain that they are being ripped off have terrible credit. Ironic isn't it. And the people need to take responsibility for their actions. Quit blaming someone else. If you don't like the agreement don't sigh. Keep buying cash cars that you have to replace every 6 months and you won't have to worry about J.D. Byrider. Pay your bills so you can buy a nice new cars for invoice, cause they know they'll get their money.
Adolph
South Bend,#6Consumer Comment
Sun, December 22, 2002
From J.D. Byrider's 'franchise' information: "GETTING FINANCING AT J.D. Byrider IS AS EASY AS 1-2-3 DRIVE As the industry leader, we know that getting fast credit approval is pivotal in the process of buying a car. That's why we formed our own special finance company, CarNow Acceptance Company (CNAC). " Fred's statement: "company's [sic] go into business to make money ed, not give it all away. it's not "car dealers" that lend the money, banks do". Sure, sure, Fred. JD Byrider is in Carmel (a suburb of Indianapolis), and CNAC is in Indianapolis. (according to their published information) It's quite obvious to the casual observer that CNAC and JD Byrider are somewhat more than "joined at the waist". It would be an obvious conclusion that JD Byrider is luring these people with "less than perfect credit" onto their lot to buy an overpriced "back-row beater". Then, not wanting to share the equal plum of profit, the jacked-up finance rates, formed their OWN "finance company". What a noble deed....errr, I mean what a brilliant business scheme. Oh yeah; part and parcel to this lucrative business scheme is bear down on "monthly payments" during the sale and closing. "Price of the car? Well, let's see what kind of payment schedule we can set up". A JD Byrider lot is the LAST place a person with a pocket full of cash would even LOOK at a car. Nor is this the customer who would fit JD Byrider's business tactics. You can paint your picture of JD Byrider's philanthropic plan to give the "credit challenged" car buyer a "second chance". Sorry...I just don't buy that. Philanthropic? Nawww...I'd say parasitic would be a better fit.
fred
bellefontaine,#7Consumer Suggestion
Sun, December 22, 2002
ED-
the matter of "ancilliary credit business". when a finance company (specialty finance) lends money to people that DO NOT pay thier bills, they must charge more because they will recieve less. when a local bank (primary finance) lends money they charge less, because they recieve more.
company's go into business to make money ed, not give it all away. it's not "car dealers" that lend the money, banks do. when a person signs a contract they must read to what they are signing thier name too. a person cannot be held to something if it's not in the contract as mentioned to undisclosed fees.
so is it the car dealer that makes no sense or is it the ignorant consumer?????
fred
bellefontaine,#8Consumer Suggestion
Sun, December 22, 2002
ED-
the matter of "ancilliary credit business". when a finance company (specialty finance) lends money to people that DO NOT pay thier bills, they must charge more because they will recieve less. when a local bank (primary finance) lends money they charge less, because they recieve more.
company's go into business to make money ed, not give it all away. it's not "car dealers" that lend the money, banks do. when a person signs a contract they must read to what they are signing thier name too. a person cannot be held to something if it's not in the contract as mentioned to undisclosed fees.
so is it the car dealer that makes no sense or is it the ignorant consumer?????
fred
bellefontaine,#9Consumer Suggestion
Sun, December 22, 2002
ED-
the matter of "ancilliary credit business". when a finance company (specialty finance) lends money to people that DO NOT pay thier bills, they must charge more because they will recieve less. when a local bank (primary finance) lends money they charge less, because they recieve more.
company's go into business to make money ed, not give it all away. it's not "car dealers" that lend the money, banks do. when a person signs a contract they must read to what they are signing thier name too. a person cannot be held to something if it's not in the contract as mentioned to undisclosed fees.
so is it the car dealer that makes no sense or is it the ignorant consumer?????
fred
bellefontaine,#10Consumer Suggestion
Sun, December 22, 2002
ED-
the matter of "ancilliary credit business". when a finance company (specialty finance) lends money to people that DO NOT pay thier bills, they must charge more because they will recieve less. when a local bank (primary finance) lends money they charge less, because they recieve more.
company's go into business to make money ed, not give it all away. it's not "car dealers" that lend the money, banks do. when a person signs a contract they must read to what they are signing thier name too. a person cannot be held to something if it's not in the contract as mentioned to undisclosed fees.
so is it the car dealer that makes no sense or is it the ignorant consumer?????
#110
Sat, November 16, 2002
N,
One of the problems you shrewdly raise is the matter of the ancilliary credit business. To justify these practices by the inscrupulous activities of car dealers makes no sense. Credit manipulation, exorbitant interest rates, falsifying contracts and undisclosed fees... these are all things you tacitly raise, without addressing them.
ED Magedson
[email protected]
N
Madison,#12UPDATE Employee
Fri, November 15, 2002
JD Byrider and CNAC (their finance company) provide a great program to help people establish or reestablish credit. All of their vehicles are inspected and backed by an optional 12 month 12,000 mile service contract. Yes, every once in a while someone will purchase a vehicle that has unforseeable problems, however people who take good care of their cars will have less problems. Like someone said in an earlier positng, that is the chance you take when purchasing a preowned vehicle.
The interest rate set by CNAC is comparable to Americredit, which you will find at most new and used car lots for financing for people with credit problems. Anyone who has credit issues should understand the fact that they will have an increased interest rate.
Also, when timely payments are made, JD Byrider reports that to all three major credit bureaus which definately helps to improve the consumer's credit report. Bottom line is that the consumer has control on making timely payments to improve their credit score, AND there is no problem with paying off vehicles early which would then effect the interest rate. JD Byrider gives people a second chance that not many people will.
N
Madison,#13UPDATE Employee
Fri, November 15, 2002
JD Byrider and CNAC (their finance company) provide a great program to help people establish or reestablish credit. All of their vehicles are inspected and backed by an optional 12 month 12,000 mile service contract. Yes, every once in a while someone will purchase a vehicle that has unforseeable problems, however people who take good care of their cars will have less problems. Like someone said in an earlier positng, that is the chance you take when purchasing a preowned vehicle.
The interest rate set by CNAC is comparable to Americredit, which you will find at most new and used car lots for financing for people with credit problems. Anyone who has credit issues should understand the fact that they will have an increased interest rate.
Also, when timely payments are made, JD Byrider reports that to all three major credit bureaus which definately helps to improve the consumer's credit report. Bottom line is that the consumer has control on making timely payments to improve their credit score, AND there is no problem with paying off vehicles early which would then effect the interest rate. JD Byrider gives people a second chance that not many people will.
N
Madison,#14UPDATE Employee
Fri, November 15, 2002
JD Byrider and CNAC (their finance company) provide a great program to help people establish or reestablish credit. All of their vehicles are inspected and backed by an optional 12 month 12,000 mile service contract. Yes, every once in a while someone will purchase a vehicle that has unforseeable problems, however people who take good care of their cars will have less problems. Like someone said in an earlier positng, that is the chance you take when purchasing a preowned vehicle.
The interest rate set by CNAC is comparable to Americredit, which you will find at most new and used car lots for financing for people with credit problems. Anyone who has credit issues should understand the fact that they will have an increased interest rate.
Also, when timely payments are made, JD Byrider reports that to all three major credit bureaus which definately helps to improve the consumer's credit report. Bottom line is that the consumer has control on making timely payments to improve their credit score, AND there is no problem with paying off vehicles early which would then effect the interest rate. JD Byrider gives people a second chance that not many people will.
N
Madison,#15UPDATE Employee
Fri, November 15, 2002
JD Byrider and CNAC (their finance company) provide a great program to help people establish or reestablish credit. All of their vehicles are inspected and backed by an optional 12 month 12,000 mile service contract. Yes, every once in a while someone will purchase a vehicle that has unforseeable problems, however people who take good care of their cars will have less problems. Like someone said in an earlier positng, that is the chance you take when purchasing a preowned vehicle.
The interest rate set by CNAC is comparable to Americredit, which you will find at most new and used car lots for financing for people with credit problems. Anyone who has credit issues should understand the fact that they will have an increased interest rate.
Also, when timely payments are made, JD Byrider reports that to all three major credit bureaus which definately helps to improve the consumer's credit report. Bottom line is that the consumer has control on making timely payments to improve their credit score, AND there is no problem with paying off vehicles early which would then effect the interest rate. JD Byrider gives people a second chance that not many people will.
Alan
Salt Lake,#16Consumer Suggestion
Sat, October 26, 2002
Before you purchase a used vehicle, you should have a used car inspection done by YOUR mechanic. (Not the car lot)
This will notify you of any forseeable problems you may have with the car, and give you a list of needed repairs. You may be able to take this list to the selling dealer and either have some of the repairs done or negotiate a lower price.
For a GOOD inspection, plan on spending $75-$100. If you are still interested in the vehicle after this inspection, ask for an engine compression test. This is a good indicator of the internal condition of the engine.
Purchasing a used car without doing this inspection is a crazy gamble, one that you don't need to take.
Good Luck