HELP! Anyone have experience with CNAC?

[TelJanin]

Hey all,

 

I've made a HUUUGE stupid mistake and purchased a vehicle from JD Byrider, financed by Car Now Acceptance Corporation (CNAC). My total loan is around $12000 for a car that has a Blue Book value of only $3800. To add insult to injury, I'm having NUMEROUS problems with the vehicle that aren't covered by the warranty. All in all, I'm going to be stuck paying $400 a month for at least the next 3 years, unless I can get out of this loan. I've called CNAC to no avail, as they've told me that because they are not a traditional lender they do not refinance loans. Is there anything I can do? As it stands now, the payment is KILLING me...I literally don't have money for basic expenses. Any help is GREATLY appreciated...

[hektik02]

you know. sorry to say this, but you are pretty much stuck with this loan if you signed all the papers. if the interest was so high you end up paying $12,000 after the loan is paid off then you cant do much. if the car you bought was worth considerably less then $12,000 when you it and you felt you were truely misdecieved you may be able to file a lawsuit. it all depends on which scenario actually played out.

[mk_378]

JD Byrider and CNAC are the same company. You are in a slightly disguised buy-here-pay-here deal.

 

Unlike the typical BHPH though they are very careful to do everything by the book. When you really truly can't afford the payments your only real option is to default. I don't know if they are particularly agressive in collections after a repo. If you decide to default, do not "voluntarily" offer the car for repo. Make them come and take it and then hope they mess up on a technicality.

[TelJanin]

Thanks for the input...that's the thing, I don't remember signing anything that gave me the total cost of the car after all my payments. How I'm suffering for lack of knowledge..I'm definitely at the point of letting them repo it..

[MarvBear]

Thanks for the input...that's the thing, I don't remember signing anything that gave me the total cost of the car after all my payments. How I'm suffering for lack of knowledge..I'm definitely at the point of letting them repo it..

 

That would be on the contract you signed. Large bolded box required by federal law, called REG Z.

 

It is rather difficult to miss, because it also contains your payment schedule.

[mk_378]

Yes it's a big black-outlined box that takes up about half of the top of the first page. There are several cells in the box with the important numbers.

 

They do use simple interest, so the amount to pay off the car now with a lump sum (for example, if you sell it) is considerably less than the total of remaining payments. Probably still more than the car is worth though.

[MarvBear]

 

kinda looks similar to this.

[CreditMcNugget]

I know this won't help with the monthly payment that you have, but I have a car financed through CNAC.

 

Initially, I had a 2001 Kia Sportage that started with 77,xxx miles on it. I thought the car was soooooo cute and as a matter of fact, I picked that one off the lot over all others.

 

Well, long story short, the car was a complete crapper. I had the car from 11/2006 to 8/2007 and in that time I did at least $2000 of MAJOR repair work on it. Everything was breaking, and needless to say, I was very unhappy.

 

So, I got up the nerve to send a letter (that was about 5 pages long) to their corporate headquarters complaining terribly about my buying experience there. I was talking about how I was deceived (I was told the warranty was good anywhere, no just their dealership) and had a car that wasn't worth a thing and caused me sooooo much trouble to fix, etc.

 

At the time I wrote the letter, I was out in Washington, D.C. and still had about another month before I was due to come back home. I had several conversations with the store manager and he was determined to do whatever it took to get me back satisfied with the company. Once I got back, he took me and DH into his office to discuss our options. We set up a Collateral Substitute Exchange Agreement (or something to that effect) where I was able to exchange the Kia for a 2000 Ford Taurus (all while keeping the same payment and balance), which got better gas mileage, was a lot more reliable, and I was overall a lot more happy with.

 

I think they will be pretty reasonable if you try to talk to them, and if all else fails, you can write to the corporate office and put a little bit of fire under their butts and they should be willing to work out something with you.

 

HTH

 

P.S. - PM me if you want me to provide you the corporate email address.

Edited July 10, 2008 by CreditMcNugget

[TelJanin]

Thanks everyone, I appreciate all the help...you guys were right about the big black box...I think I must have been delirious that day..

[CreditMcNugget]

Thanks everyone, I appreciate all the help...you guys were right about the big black box...I think I must have been delirious that day..

 

You were glad someone would give you a car and didn't really care what it said. You figured whatever the paperwork said couldn't possibly be as bad as not having that vehicle.

 

I've been there. Not a good feeling. Your judgment is impaired and you're liable to make hasty decisions...

 

That day we had been turned down by three other dealerships...

[SnowStorm266]

I also made the mistake years ago of buying a car from them. At the time my DTI ratio was way out of control and I couldn't get approved anywhere. Finally I got a car from CNAC. The car was ok. I did have a couple costly major repairs on the vehicle, but overall it was ok.

 

I did have one late payment due to a major repair on the car. They informed me they were planning to repo the car. I was only 2 days late. Finally I traded the car in after a year and a half. When I traded it in I still had $5,000 in negative equity. We got the 30 day payoff quote from them and the dealership was mailing it to them. Well the check ended up arriving 4 days after the payment due date. They called me at home, cell, and work multiple times a day. I would talk to them each time they called. The finance lady at the Hyundai dealership was a saint for dealing with her multiple times a day.

 

Obviously I wish I never got the car to begin with. It was a bad deal and I wasn't thinking clearly. I just needed a car and I just wanted anyone to finance it. So I know what you are feeling.

 

I think you should check into what CreditMcNugget said regarding the Collateral Substitute Exchange Agreement. At least you could get a different vehicle that might last longer until you are ready to trade the car in.

[PRC]

Just in case anyone else is looking to this site regarding CNAC...  I too went to CNAC, in Raleigh NC out of desperation.  However, I am completing my second payoff with them.  First car was a Nissan Versa & Second a Nissan Rogue.  I have had absolutely no issues with either vehicles.  I fell into hard times at one point with the Rogue and they worked with me on deferring my payments.  It's all about communication.  Perhaps they have improved greatly over time, but I would recommend them to anyone having credit difficulties.  They told me I can have anything I wanted on the lot.  But I think I'm going to try a different creditor next round to avoid having to make payments every 2 weeks.  In the end, it still comes out to be monthly, but I'm praying for a better price & interest rate.