- Report: #613780
Report - Rebuttal - Arbitrate
Complaint Review: J.D. Byrider/ CNAC
J.D. Byrider/ CNAC1000 Sagamore Parkway West Lafayette, Indianapolis, Indiana United States of America
J.D. Byrider/ CNAC Yet ANOTHER way these Immorally corrupt people have found to get even more out of you Lafayette, Indianapolis, Indiana
*Consumer Comment: Those loans used to be called Rule of 78's or "add on interest" type loans
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Well, as if those fine people at CNAC and JD Byrider haven't conjurred up enough sleazy ways to gouge you even more of your money.....
They have now figured a way to always keep the balance higher than what you actually owe them, and to have one last final chance to get the most of you when you are ready to get yourself out of their cars. They do this by simply taking the payments you make to them and applying them to the final price of the car, all that added interest., first, before applying them to the actual purchase.
I'll use myself as an example, since this is how I know they are pulling this slimy tactic.
I bought a car for $6500, after they added charges for this and charges for that, the price of the car was now $11,967. When the contract is completed they present me a final amount of what you will be paying for the car. In my case, that number has now jumped to 21,055. Each of the payments I make are deducted from the 21,000 figure. BUT that figure changes as every time you make a payment you change the amount of interest owed.
By them doing it this way, after I have made 31 payments, I will have paid $11,687. A few cents shy of paying it in full. If I decided to pay the car off, and boy do I wish I could, the cash payment will be $11, 967, claiming the payments made went to the interest only. They can legally do this. Maybe "legally" but not "morally"
This post is going to be one of another 2 or 3, addressing several issues I've had with this vehicle purchase. This is the third vehicle I have bought from this location. NOT because we have bad credit, but because I just had to have the Cherry RED PT Cruiser on the lot!
This report was posted on Ripoff Report on 06/13/2010 12:16 PM and is a permanent record located here: http://www.ripoffreport.com/r/JD-Byrider-CNAC/Lafayette-Indianapolis-Indiana-47904/JD-Byrider-CNAC-Yet-ANOTHER-way-these-Immorally-corrupt-people-have-found-to-get-even-613780. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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