Car Now Acceptance Company/CNAC/Byrider Finance VERY high interest rate; sold car for more than it was worth Carmel Indiana

Nothing against you but your opening sentence basically says it all. It may or may not have been your fault that your credit stood in the way of an approval at the other dealerships. Even if you would have gotten some kind of approval, most likely the required down payment would have been in the thousands of dollars and your interest rate would have still been at the state maximum.

What J.D. ByRider does is allow people who have bad credit to drive off the lot with a minimal amount of money down and affordable monthly payments. What people fail to understand is the risk taken by J.D. ByRider. They have to sell their cars for more than they are worth, at high interest, just to stay in business. Just like any other lender, their loans are based on risk. A percentage of people will do exactly what their credit report indicates and default on their loan within the first year. Others will not carry insurance and total their cars. These are just a couple of things that increase collection costs, therefore adding to their overall operating expenses.

If a customer truely understands that they are high risk and are serious about getting their credit reestablished, then they have to understand that J.D. ByRider will give them that opportunity. What the customer does with that opportunity is 100% their choice.

People complain about having to do repairs on the vehicles while they are paying. Let me ask a couple of questions: (1) If someone buys a house and repairs are needed, can that person be upset when the mortgage company refuses to do the repairs? NO. Parts wear-out and things break, that's just part of owning instead of renting. (2) Should you take the vehicle to "your mechanic" to have it inspected? Remember, the mechanic is not "yours". He/She is in business to make a profit and will always find things that need repair .. that is how they make money. I'm not saying that an inspection of the vehicle is a bad thing, just remember that used cars are not perfect and this is just a stepping stone to the next vehicle.

Finally, people complain about high interest. In Colorado, the state maximum on a car loan is 21% and in other states it is higher. Interest is based on risk and these loans are the highest risk. It is very important to remember that, at least in Colorado, Simple Interest loans, such as automobile loans, are "no pre-payment penalty" loans. This allows you to pay off the loan early without penalties. You only pay interest for the time that you borrow the money. Sending an extra $50 or $100 per month will pay down the principal faster and reduce the amount of interest paid on the loan.

Hopefully this information helps you and whoever else posts negative against J.D. ByRider. Understanding how the company works, what is involved and why they operate in the manner that they do can help dismiss the feeling of being "taken advantage of" or being "screwed".

You said yourself that you were warned that you were getting a raw deal, yet you went ahead and signed on the dotted line. What was it about the 21% interest rate that sounded like a good idea at the time, but now you find too high.

You have to take some responsibility here. First of all, JD Byrider sells to people with bad or no credit. That means high risk financing with the high interest that goes with it. Frankly, I think if one has to resort to buying a car from these folks, they probably can't afford the car in the first place. It just digs you into a deeper financial hole that will take you even longer to get out of. Second, it is up to you to determine what a vehicle is worth before you agree to buy it. It's called negotiation and the car lot will be happy to sell to you at the highest price you're willing to pay. It sounds like some family members tried to warn you about this, but you didn't listen to them. Bottom line, if you don't represent your interests in the price negotiations, you can't expect the car lot to do it for you.

Any time a car dealer refuses to allow you to have a car inspected by your own mechanic, run! This is almost a sure sign that the vehicle has problems they don't want you to know about. The only alternative is to take a salesman's word for it that the car is in good shape and that's just silly. The salesman is there to get you to sign on the dotted line and will not be around with his checkbook open when you have problems.