- Report: #805441
Complaint Review: J.D. Byrider and Marketview Finance
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| J.D. Byrider and Marketview Finance 411 w. marketview dr
Champaign, Illinois United States of America |
|
J.D. Byrider and Marketview Finance Almost all interst no principle after a year of payments. Always call to tell me my payment is due when i have only been late once. Champaign, Illinois
*Consumer Comment: The Rule of 78s
*Consumer Comment: Do you have a copy of your amortization schedule
*Consumer Comment: Do you have a copy of your amortization schedule
*Consumer Comment: You Don't Understand Finance
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I am buying a vehicle from J.D. Byrider I have been making payments for a year now and when I make my payments almost all of it goes to interst. We were always geting phone calls on the day it was due for what the say was a reminder the payment was due, on top of that we would get a letter telling us the due date.
After a year of paying I would think more of the money would go off the vehicle and not got to interst. I feel as though I and others are geting robbed by these people.
After a year of paying I would think more of the money would go off the vehicle and not got to interst. I feel as though I and others are geting robbed by these people.
This report was posted on Ripoff Report on 12/05/2011 09:55 PM and is a permanent record located here: http://www.ripoffreport.com/r/JD-Byrider-and-Marketview-Finance/Champaign-Illinois-61822/JD-Byrider-and-Marketview-Finance-Almost-all-interst-no-principle-after-a-year-of-payme-805441. 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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A lot of finance contracts are written in adherence to the "Rule of 78s" which means that for most of the life of the loan most of the payment goes to interest. This is perfectly legal. The interest is paid before the principal. Perhaps a commenter who deals in financial affairs can explain this in detail. Bottom line is that this type of loan is fine if you intend to keep the car through the entire loan period. The problem is when you decide to trade it in before it is paid for. You realize that you still owe most of what you financed so that you are in the bucket. Avoid this type of financing if possible. Most banks and credit unions don't use this financing structure and interest and principal are paid during the life of the loan.
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What's this? #2 Consumer Comment
Do you have a copy of your amortization schedule
AUTHOR: MovingForward - (United States of America)
SUBMITTED: Sunday, December 11, 2011
If you don't have a copy of your amortization schedule from the lender, then go to bankrate dot com or any other reputable amortization calculator and put in your loan start date, the payment amount the interest rate etc and calculate the actual amortization of your loan. Once you have it in hand, compare the schedule to your actual payments.
If you are paying late, then late fees and extra interest will reduce the amount that is applied to your principal balance. On the other hand, if you pay early and add even small amounts of extra principal you will pay down your loan much more quickly.
Once you get to a point where you can refinance the loan, do so. You may owe more on it than it is worth right now, especially if you have a high interest loan. It is in your best interest to refi that loan as soon as you can. You may need to bring in a large down payment to the new lender in order to refi.
In the future, read the contract first so you know what the financing is going to cost you. Get a copy of the amortization schedule right when you finance it and you will see exactly how much goes to interest and principal when you make timely payments. If you don't like what you see, don't sign the contract.
If you are paying late, then late fees and extra interest will reduce the amount that is applied to your principal balance. On the other hand, if you pay early and add even small amounts of extra principal you will pay down your loan much more quickly.
Once you get to a point where you can refinance the loan, do so. You may owe more on it than it is worth right now, especially if you have a high interest loan. It is in your best interest to refi that loan as soon as you can. You may need to bring in a large down payment to the new lender in order to refi.
In the future, read the contract first so you know what the financing is going to cost you. Get a copy of the amortization schedule right when you finance it and you will see exactly how much goes to interest and principal when you make timely payments. If you don't like what you see, don't sign the contract.
Respond to this report!
What's this? #3 Consumer Comment
Do you have a copy of your amortization schedule
AUTHOR: MovingForward - (United States of America)
SUBMITTED: Sunday, December 11, 2011
If you don't have a copy of your amortization schedule from the lender, then go to bankrate dot com or any other reputable amortization calculator and put in your loan start date, the payment amount the interest rate etc and calculate the actual amortization of your loan. Once you have it in hand, compare the schedule to your actual payments.
If you are paying late, then late fees and extra interest will reduce the amount that is applied to your principal balance. On the other hand, if you pay early and add even small amounts of extra principal you will pay down your loan much more quickly.
Once you get to a point where you can refinance the loan, do so. You may owe more on it than it is worth right now, especially if you have a high interest loan. It is in your best interest to refi that loan as soon as you can. You may need to bring in a large down payment to the new lender in order to refi.
In the future, read the contract first so you know what the financing is going to cost you. Get a copy of the amortization schedule right when you finance it and you will see exactly how much goes to interest and principal when you make timely payments. If you don't like what you see, don't sign the contract.
If you are paying late, then late fees and extra interest will reduce the amount that is applied to your principal balance. On the other hand, if you pay early and add even small amounts of extra principal you will pay down your loan much more quickly.
Once you get to a point where you can refinance the loan, do so. You may owe more on it than it is worth right now, especially if you have a high interest loan. It is in your best interest to refi that loan as soon as you can. You may need to bring in a large down payment to the new lender in order to refi.
In the future, read the contract first so you know what the financing is going to cost you. Get a copy of the amortization schedule right when you finance it and you will see exactly how much goes to interest and principal when you make timely payments. If you don't like what you see, don't sign the contract.
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What's this? #4 Consumer Comment
You Don't Understand Finance
AUTHOR: Jim - (USA)
SUBMITTED: Tuesday, December 06, 2011
This is standard procedure for loan repayment! Nothing illegal, immoral or unethical here.
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