Saturday, October 31, 2009

Car loan question.?

In Jan. 2007 I desperately purchased a 2001 Malibu from JD Byrider. Nieve, I agreed to a 24.99% financing for this piece of crap. I looked on my credit report today and it says all my payments are fine (perfect, in fact. I pay $141 biweekly for the crapper.) but it says my starting balance was $8437 and current balance is $7069. So that means that only $1368 has been applied to the car and if I have paid $282 monthly, that is a total of $3666. Doesn't that look like more than 24% of that has gone to finance charges? What can I do to A.) dispute this if I have to and B.) who should I talk to about maybe lowering that 24.99% interest?

Car loan question.?

Now for someone that actually knows what they are talking about.

When people take out vehicle loans they are simple interest which means that you pay primarily the interest first, so the balance that you see on your credit report is the principal left after they applied most of your payments to the interest.

You can try and refinance, but J.D. Byrider is known for taking only the people that can not get approved anywhere else.

Actually for a buy here pay here place that at least report to the credit bureaus, over 90% do not so at least your building your credit.

Car loan question.?

talk about talking one in the @$S, did the finance manger at lease kiss you first?

you better go refinance right away and not because you have bad credit means they you can't get below 16%

Car loan question.?

I wouldn't waste any time disputing the figures with the credit report. They only REPORTED what JD told them.

Your 'dispute' is with JD byrider and not the credit agencies.

If you have some time on your hands go to and read the million complaints against them...this is pretty typical and in kentucky they had a class action lawsuit lodged against them...I dont know exactly what for but I am sure I would not be pretty.

I would (during my spare time) go to another dealership....You are probably upside down on your loan (you owe more than the car is worth) so you will take abit of a hit on the price but considering what you will pay in fiancing over the life of the loan, you will fare better using this car as a trade and letting a respectable dealer put you in a better car...


I went to www.kelley blue and put in a mailbu (guessed that you have 60k miles on it) and the car is worth about 4k (trade in value)

so if you trade it in you will get about 3k added onto your loan but you will get a way better interest rate so it might even out

Crunch the numbers yourself and see if it would work out for you

Below are websites mentioned above that might be of interest

Car loan question.?

That car better come with %26quot;C%26quot; batteries.

Car loan question.?

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