CNAC - JDByrider ripoffs the deaf and hearing impaired Longview Texas

First off Scott I am not calling you a liar. I read your story and basically disagree with every point of your story. I have 2 cars that my wife and I drive from JD in Longview TX. Both times it was VERY clear of the following: NO grace period (1 day late and it WILL be Repo'd), Insurance (Must be full coverage), Down payments are scheduled well in advance of signing any papers or even the financing itself, and finally JD Byrider is a company that explains every single paper you are signing, they video record the signing process to cover all avenues of fraud.

When I first went to JD I knew this is were I could get a car that would run well, it may be over the blue book and the interest rate would be very high but that is my fault for a below average credit rating. Every step of the way not only do they talk you through the process but they even have flip charts/ videos/ and the contracts to READ before you sign anything. I used JD for our second car because of how good they were in my first experience. I have been happy with them from day 1.

In regards to the Full coverage insurance IT IS IN THE CONTRACT THAT YOU SIGNED THAT YOU WILL HAVE FULL COVERAGE INSURANCE W/ A $500 DEDUCTABLE THROUGH OUT THE TERM OF THE FINANCING PERIOD. If they were hounding you for proof and you had it from a new company then take it up there. I don't buy into the I'm deaf stuff when YOU should have taken it upon yourself to get it in their hands. It is your responsibility.

Here are some facts that will shed light on many topics people get angry about.1st the interest rates vary from state.Certain state rules apply. Typical 25% is the highest any lender can charge.Many of the big name lenders charge 25% all day evry day for personal loans etc.CNAC will charge between 18% to 25%.They will be abiding by the state laws.Typical when you see a high rate, it is due to the risk that a lender is taking by extending credit compared to their repsective portfolio.The higher rate equates with higher losses and charge offs(people who don't pay).People always seems to look down upon JdByrider becuase of rate.

However, your typical car dealership has a resource of lenders to finance through.They will run your application through everyone.Hence you see different inquiries on your credit bureau from one stop at a dealership.If John Doe will get approved through just one lender that charges 19%, they will sell you the car. The rate may be hid in the fact that you will get a longer term, which makes the payment seem lower.The buyer in this can be blinded becuase he/she just got a car from a new car dealership and belives his/her status is elevated.

It is also important to note that every JdByrider is under different ownership, hence they can't all be thought of as the same.It is also important to note that trhey serve a market sector that wouldn't exsist if it were not for JdByrider.When some one claims that they were ripped off, it is becuase they came to the only market that would serve them.Without JD they would not have got a vehicle anywhere.Is it becuase they were a bad person? NO.Circumstances? Yes.

People complain about collectors calling?Sure who would like that!However,it is proven that if these contracts aren't closely monitored;they will fail.It is a fact.Fact, nearly 50% of all financing contracts done by CNAC will fail.Is it becuase CNAC wants to watch contracts fail and take losses? NO. It is simply becuase people stop paying.This is one of the reasons that a high finance charge applies to their contracts, to compensate for losses.The same motto applies to any other high rate loan one might recieve from a lender through a new car delaership.I admitt,some people are their becuase they have no credit.They should take advantage of CNAC, establish credit and move on never to return as a customer.

Other people are their becuase they have failed to pay people,whether due to mismanagement of money or life disaster.The fact still remains.People ask why they need a down payment?1.Down payments are required to bring the price of the car down to keep payments lower.A high rate can make payments high quick, right? Second, down payments can be required to see committment out of people,so they invest something before they leave.Example, Someone has 2 to 3 repos.Evidently they have established a pattern.Deferred down payments make up for the person who has no downpayment,plus it shows extra committment.

JdByrider and CNAC are two separate companies.The prices on the cars may seem higher.Are they?JdByrider does spend money reconditioning vehicles. They could have 500 to 1,000 morew in it then a typical used car dealership.Plus, the cars have to be higher priced or the two companies would go out of business, becuase CNAC is finacing so many people that simply will fail.The guy who pays off his car makes up for the guy who fails or the market would disappear.It is strange that you never hear of people who had a good experience at JdByrider.

There is many people who have used CNAC as stepping stone. They paid good on their contract for 2 to 3 years, then buy a new car and pay it off.The new lender saw good history with CNAC and ignored other negative credit aspects(if present) and financed them.Another hilarious comment that is made often is "I was sold a lemon".A used car can break down, whether you bought it from JD or anywhere.Many people will just complain to CNAC becuase they have to pay them.

I wonder if people call their lender who financed them from XYZ new car dealership if their car breaks down(all things equal, no warranties)and complain? I could go on forever.I do feel for the people that have a bad experience with one particular person though.On a final note, Their are many companies out that will place an on time device on your car if your payment is not made on time.You car is disabled.I can't speak for all JdByriders, but many do not use this.

People also complain about biweekly payments.It is done to hekp people budget.Essentially, half a monthly payment,instead one big payment at once.It also keeps credit in good standing. If a person is one payment behind the constantly roll back 14 days in terms of delinquency.Late yes.If you paid half of a monthly payment on a monthly contract,you wil still be reported late at the end of the month.

I don't know much about the laws in other states, but here is michigan we have a certain dealership where full coverage is not required to buy an automobile. I don't think that you did anything wrong. I wish I would have the guts to get my car back too! Well, if I was mad and had proof of my payments I would've done the same thing. Don't worry about the negative criticizm...(however you spell that?!) Some people you would think would defend them. I think that they are wrong not to have a grace period, especially in our economy! Who doesn't have problems? But fight them all the way...we all need to stand up against things like this so that it doesn't happen to anyone else. Lately America has been getting lazy and we don't stand for anything anymore for anybody. Boy, I bet our forefathers would be ashamed wouldn't they if they seen all the crooked bums screwing whoever they can for a dollar. No morals. I doubt that this country, the way it is and heading, is what they envisioned!!!! So anyway good luck!

First, I understand what you are talking about with JD Byrider. I live in Longview and was looking for a car recently and stopped in there. They seemed shady to me from the start. They basically straight out told us we would pay more because they do EVERYTHING themselves like financing and paperwork. They said if we had bad credit or no credit (I don't know if this was the case with you or not) they could get us financed but other wise we should go somewhere else. We have good credit so we went to Toyota of Longview and got a great deal with a NEW car for only 250 a month. When we bought that car they told us we would have to have full coverage insurance. Every car we have financed we have been told that and you should have been told that right off too. I don't know why they would ask for another 800 either. It sounds like they were bad business people but unfortunatly didn't do anything "illegal". My advice.. don't go to any car place that caters to people with bad credit. They can and probably will cheat you because they know they have an advantage. Thats what it sounds like happened to you. I'm sorry it happened. :-(

Copied DIRECTLY from the state of Texas' website:

Auto Insurance Coverages

The Texas Personal Automobile Policy offers eight types of coverage. Texas law requires you to have basic liability coverage. The other coverages are optional, but ***if you still owe money on your car, your lender will require you to have collision and comprehensive coverage.***

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Copied DIRECTLY from the state of Texas' website:

Auto Insurance Coverages

The Texas Personal Automobile Policy offers eight types of coverage. Texas law requires you to have basic liability coverage. The other coverages are optional, but ***if you still owe money on your car, your lender will require you to have collision and comprehensive coverage.***

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Copied DIRECTLY from the state of Texas' website:

Auto Insurance Coverages

The Texas Personal Automobile Policy offers eight types of coverage. Texas law requires you to have basic liability coverage. The other coverages are optional, but ***if you still owe money on your car, your lender will require you to have collision and comprehensive coverage.***

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Copied DIRECTLY from the state of Texas' website:

Auto Insurance Coverages

The Texas Personal Automobile Policy offers eight types of coverage. Texas law requires you to have basic liability coverage. The other coverages are optional, but ***if you still owe money on your car, your lender will require you to have collision and comprehensive coverage.***

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Excuse me Mr. Scott, I don't know how they do things in the Dakotas....but here, it's a bit different. I have never heard of any financial institution requiring full coverage insurance. I asked around, none of my friends and family have heard of it either...matter of fact, my cousin got a new car from the local Mitsubishi dealer and they didn't make her get FULL coverage....she just has liability. And if those people have of made sure I understood the terms of the contract, this never would of happened. They knew what kind of insurance I had for 3 months, they didn't care, they wanted my money.

And I don't care what I am admitting anywhere cause I have nothing to hide. I didn't steal a car, I took back what I have paid on...now if I had of missed payments or even stopped paying, I wouldn't interfer with a repossession. I don't care if they take me to jail either, I will sit there as long as I have to, and they will never know where that car is. The way I see it, Byrider stole MY money...and in Texas, when people do you wrong, you get revenge.

Every financial institution I've ever heard of requires FULL coverage insurance on a financed vehicle. That is to protect THEIR collateral, and it remains their collateral until you make the final payment.

Do you realize that you've just confessed, in a public forum, to theft of vehicle?

Instead of putting a stop payment on that check, you should have gone to the manager to make sure it was covered by warranty, and if it was, asked for a refund or the check back.