my wife and i were involved in an accident where the insurance company totaled our car. this was our family car. all i had was a pick-up truck too small for all of us.
we needed another car and fast. while being out of cash because the "full coverage insurance" didn't fully cover the loss. i decided to see about trading my truck, which was paid for, well maintained and in absolutely remarkable condition. I went online and searched the "blue book" value with three different sites. the "fair trade" value i was given to expect was $1200.00 to $1500.00.
well, after seeing an commercial on tv i called JD Byrider. They said "sure we can help you, come on in and let's see about the financing."
So, i did. i browsed the cars, they wouldn't even discuss pricing until 50 or so pages of documentation were completed and
CNAC gave them a figure.
finally, after about 5 hours CNAC tells them $13,000.00.
then we get to look at cars, ironically these cars are all $10,000.00 and up at a USED car dealer! So, after trying to finagle a "lower priced car" with over 100,000 miles for $7,000.00. i say no. am ready to leave when the manager said, " lets go talk and see what we can do."
i go in, after lots of small talk, he says " here is the deal, $500.00 for your trade, plus $800.00 down" i said no, my trade is worth at least $1,000.00. he said " ok, go sell it then bring me a check for $1,000.00. and we will finance you a car." now mind you, the going promotion is "no money down." by now i am tired and getting irritated.
"Thim Xomphonphakdy" the saleswoman who showed me cars and did the paperwork, says" maybe we can finance the down payment too." the sales manager says "no, Lee Masters, with CNAC wants the trade in so that they do not have a back up car."
by now i am very tired, in dire need of a car, and being taken advantage of. i truly believed that if they were jerking me around the "law" would protect me. (little did i know)
i finally agreed, signed over the trade, signed the paperwork (the deed to my soul), and closed on a 2000 chevrolet malibu with 69404 miles in good condition. with payments at 90 for 169.00 each= 15,210.00 + 800.00 defered down + 500.00 trade=16,510.00!!
i got home , i realized they never gave me a car history report as they guarantee. so i checked out the "retail value" you know what it was? $5,745.00 for excellent condition!!
i really looked hard at the paperwork and realized that they were selling me a car for over 3 times the fair retail value! and to top it off, they do such a good job getting you to sign away your rights, you virtually have no recourse. further they require you to have "full coverage insurance" which i know now will not cover the vehicle for more than its "actual fair retail value" minus the deductions they slap on.
so, the math goes like this, they sucker you, rip you off, take advantage of you, charge you 3 times (or more in other cases) hound you and your 12 references when you are 1 minute late until you get in to pay them. then, god forbid, your paydays fall differently in a month, they will threaten you with repo.
so, as a result, i've stopped payments, pulled my tag off, cancelled my insurance, and refuse to answer the phone, and am waiting still for them to pick the car up.