CNAC JD BYRIDER Please read my story is there any legal advice for this?? West Hempstead New York

This rebuttal is in response to chadro. While you may be right that most finance companies do have pre-payment penalties and capitalize on total finance charges, in this case you are mistaken. Allow me to explain.

What CNAC offers is a simply interest account where the interest accrues daily. There are NO pre-payment penalties and there are no charges for paying the vehicle off early. I understand you've been to an accounting class, but the loan is set up a little differently. The interest on this loan does not capitalize at any point. So when you make each payment, you are paying off the total interest that has accrued since your last payment. In addition, the finance charges on the account accrue only on the unpaid remaining balance. The lower the unpaid balance, the less money the customer pays in finance charges. Any payments above and beyond a customers normal payment is applied directly toward the principal balance. Therefore, the more a customer pays on the account, the more goes towards principal, resulting in a lower finance charge, which cuts down the total price of the financing. Make sense? 

As for ronkonkoma, CNAC respresentatives PAINSTAKINGLY review each document with the customers and video tapes each closing. In addition, during the closing the customer is ENCOURAGED to read each document and ask ANY questions that he/she may have. It is NOT, I repeat NOT the fault of your CNAC representative or any person that works at that facility that you didn't review your documents during the closing process. And contrary to popular belief, your vehicle is not the only vehicle on the planet that needs serviced when it breaks down. Would you like it if you were in line at the grocery store, and someone just cut in front of you, claiming that their groceries were more important than yours? This is basically what you are asking mechanics to do when you drop a vehicle off and expect it to be fixed the very next morning. Mechanics shops don't wait around and keep a bay open just for your vehicle in case it breaks down. You are correct, it wouldn't have taken 7 days to fix the vehicle, it probably took about 2. But you probably had 5 vehicles in front of yours that had similar or worse issues. 

In closing, frustration is not an issue. It's ok to be frustrated, but make sure that your frustration is directed at the correct person, which in this case seems to be yourself. And as far as the vehicle breaking down, it's a piece of moving machine that most times runs at over 200 degrees and sometimes circulates at up to 4000 revolutions per minute. If you're mad because your vehicle had issued, maybe you should buy a bike? Even then eventually your chain will fall off, or a tire will blow. Stuff happens, and it is your responsibility to keep the vehicle in good running condition. Servicing the vehicle is a responsibility of owning the vehicle. Just keep that in mind. 

I cant say much about the YOU YOU YOU arguments. Thats really the game thats played when you sign into these buy here pay here lots. Your lucky that CNAC does have a good warranty and it goes to 24 months I believe. Just dont get all pissy becasue of the repair times and all. Even auto garages are like that. What I am actually responding to and spun my wheels was the bad advice given by the former CNAC employee to make larger payments if you can afford them. See its simply this, they want you to pay it off as quick as possible so they can cash in on the unearned interest. Paying more than minimum actually doesn't make you better off because you will still owe ALL THE FINANCED PORTION. This is under "amount that will be financed" on your installment contract. Lets say you make larger payment so it cuts off a whole year off the term. The problem is they now cash in on that shaved off years interest. This may even put the company in legal trouble because you cannot turn unearned into cash. We learned this is college accounting. UNEARNED IS UNEARNED, it goes off the books at the end of the accounting period weather its LIFO or FIFO. If unearned becomes an accounts revealable someone is in trouble. To validate this get a loan 60 month term. On the 3rd year ask for a payoff. They will just say the payoff is the WHOLE AMOUNT. They dont adjust for the fact you could pay it all off early. Hense why people say,"im bieing penalized for paying off my loan early" But theres a 2nd main motive that they want you to make bigger payments. If the contract goes belly up lets say the car is a lemon or its totaled. Well the loan company just made off with all your money. How about a car dealership that can stand behind thier product untill the last payment has been made , just like in any other retail or services? Those savings could have been put toward repairs or even investing it.

Ok according to YOUR post, YOU submitted the wrong information to Money Gram right? YOU didn't review your contract when the payment discrepency was discussed right (if you would have and if it in fact DID say the payment was $200 YOU should have handled it then and there? YOU are to have full coverage insurance on a financed vehicle, which would cover your rental car right? If your policy DOES NOT include rental car coverage, your anger should be focused on YOUR AGENT for not offering that to you or be upset at YOURSELF for not asking. They ARE honoring the warranty correct? Did YOU take the vehicle to a personal mechanic for a complete inspection during your test drive? Did YOU ask for a FREE CarFax?

Seems to me the only case you have here is YOUR lack of preparation and understanding of what it means to finance a used vehicle in which you can't burden the courts with such a rediculous claim.

I will say that the rude treatment is COMPLETELY unwarranted, and if you were told that your vehicle would be there in the A.M. then that's what should have happened. I will take your side on that aspect, but your claims are not valid and would not be heard in a court of law.

You do have the right to report the rude treatment to the Federal Trade Commission ftc.com, The Attorney General.com, and the BBB.com, however in the State of Ohio, it's more likely than not that you signed an arbitration agreement saying you wouldn't file a law suit for any reason rather, settle your dispute(s) with an arbitrating liason. Finally, all CNAC's and JD Byriders are members of the BBB; a complaint filed with the BBB would all most always be settled by an arbitrator and would never go to court. I would do what ever possible to make sure you or anyone else is treated like that by this person by contacting the corporate store in Carmel, Indiana.

It's true that most CNAC's and JD Byriders are individually owned AND are 1st party collectors which makes them null and void from honoring The Fair Debt Collections Practice Act, they MUST maintain a level of professionalism set forth by corporate standards. These standards DO NOT include rude treatment of hard working, paying customers. If you call them, THEY WILL LISTEN TO YOUR CLAIMS AND IT WILL BE ADDRESSED I SWEAR TO IT!!!!

I was an employee at CNAC for 10 years, until May of this year, and would still be with them if the owner didn't sell the dealership (I started at the Canton Ohio location, I am now in Mesa Arizona), no new sales means no new loans which means once all the loans were paid off I didn't have a job.

I stand by CNAC 100% and they really DO mean well. If you follow the loan program, however difficult it may be, your credit WILL improve. In a simple interest loan, such as yours, a trick that many don't know is quite simple....let's say your payments were $152.50 bi-weekly....make payments of $160 or better yet $165, I swear you will cut the amount of interest you pay over the course of your loan by approximately $500 - $1800, ultimately shaving 3 - 9 months off of your maturity date...YOU WILL PAY IT OFF THAT MUCH EARLIER.

If you get a bonus at work, take in $20...if you get $50 for your birthday, take in $5 of it, if you hit it big on a lottery ticket, take in .05% of it. I know times are tough and the extra few bucks are hard to come by, but I have been very fair, open and honest with you thus far, so I wouldn't steer you wrong now. TRUST ME THIS WORKS.

Try it for 60 days, keeping track of the amount of interest you pay with each payment (this information will be on your receipts) and if, after 60 days, you DON'T see a difference (in your favor) let me know and I will send you the money (out of my own pocket) that you paid over and above your set payment amount. I would put that bet in writing. 

hello i see all kinds of bad threads about this company.
and i thought that you might want to see this site link below.

http://www.tampa-bankruptcy.com/stopping_repossession_in_flori.html

it is for florida only i think, but they might help you out or help you find similar place where you live.

hope this help you and all of the other people on here with the same problem.
we don't need companies like this around it just gives a bad name for companies.

good luck with your problem i hope you put them right where they belong.