JD Byrider?

Question

I have been leasing a car from JD Byrider for 9 months now and my family income has changed drastically. I have been diagnosed with cancer and the payments are just too much now. I am supposed to pay $360 a month but it's just not feasible. The agent at JD Byrider told me that I owe just over 10 grand!!! He says that by law he has to auction the car off and if he can only get 2 or 3 thousand from the auction, that I would have to come up with $7000!!! for a car I no longer own. Please help, is this even true? Is there no legal manuveur I can use to get out from under this? As of today I have to put my rent off for a month to pay this. Am I stuck with this car? I believe that JD Byrider operates it's own auction house, meaning that they could buy the car for real cheap, then stick me with the rest...is this true?

Answer 1

Without seeing the actual contract, it's tough to say... but given that JD Byrider is a major national auto dealer, my guess is the contract is fairly iron clad. Unfortunatley, JD byrider operates mainly with what is refered to as a secondary market, meaning that most of it's customers are credit challenged, either by bad credit or a lack of existing credit. Therefore, the tend to sell their cars to people that are unable to buy anyplace else, so they can dictate a price at much higher than average market value. The thought is probably that if they're the only place that can finance, then they don't have to deal. The same tends to be true of most buy-here / pay here car lots. THERE ARE EXCEPTIONS TO THIS! Not all used car dealers conduct business in this manner, but a lot do. Your best case scenario is to try to sell the car for the lease buy-out figure and hope you can break even. Unfortunately, even with amazing credit this is often difficult. Your next option is to turn it in and set up a payment plan you can afford to pay off the difference. They might even sell the car again and cut you a break. The smartest thing to remember in all of this is that you need to keep in contact with your dealer and be honest with them. Even if they turn out to be snakes, your good-faith efforts can carry weight if you need to file bankruptcy because of mounting debt from your medical expenses. Judges as a general rule don't like to see big companies take advantage of cancer patients. Sorry to be so blunt, but you get the point, I think. Good luck!

Answer 2

I have not had the auto for twenty-four hours and I consider like they screwed me over significant time. I am a 19 12 months historical in tuition and I am paying 187 bi weekly as good as an extra 36 biweekly for coverage.. I consider ill and used and I truthfully do not consider I could make the repayments. They candy talked me and manipulated me and made me consider like I had to shop for the auto and it rather simply made me consider insecure and inclined. I must have certainly not signed any papers. my curiosity price is 21% its a 2009 Pontiac which already tousled in these days the auto bucked even as I used to be seeking to give up. I am so harassed. they promote unhealthy automobiles.. they do not element them or fill your tank up. I used to be worn out and pressured out on the time of the acquisition. I cant do that they're liars

Answer 3

Technically what he says is true. However there are legal remedies for your situation. after you surrender the car to them, see a lawyer and he can file a bankruptcy petition for you that will protect you against all creditors and the court can decide what if anything you would have to pay to all of your creditors. good luck